Gary Forsee, chairman and CEO of Sprint, resigned on Monday.
The news came about a week after several media outlets cited anonymous sources who said the move was imminent.
Forsee has come under fire from board members for Sprints ailing financials. Indeed, Sprint lowered its financial forecast for the current quarter, saying revenue would fall below the previously projected $41 billion to $42 billion.
Sprint already is searching for Forsees replacement. For now, James Hance Jr., a board director, will serve as acting nonexecutive chairman. CFO Paul Saleh will step in as acting CEO.
“It is the right time to put in place new leadership to move the company forward in improving its performance and realizing corporate objectives,” board member Irvine Hockaday said in a company statement.
Sprints shares closed at $18.50, down 51 cents or 2.7 percent.