Sprint Nextel Corp. on Tuesday named Dan Hesse its new president and CEO, replacing Gary Forsee, who resigned in October.
Hesse, 54, had been working as chairman, president and CEO of Sprints landline spin-off, Embarq Corp.
“Dan Hesse is the right person to lead our company,” said board member Irvine Hockaday Jr., who chaired the CEO search committee. “He is a proven leader with deep wireless experience as a chief executive and an established track record of generating strong operating performance.
Sprint is the nations third-largest wireless company, but it has fallen even further behind rivals AT&T Wireless and Verizon Wireless as its earnings and customer service marks continue to fall.
“Dan’s mandate is to hone our strategy, improve our ability to serve our customers and execute in the marketplace, said James Hance, the company’s non-executive chairman. I am convinced that under Dan’s leadership we will deliver sustainable results and build shareholder value.”
Before Embarq was formed last year, Hesse was CEO of Sprint’s local telecommunications division. Prior to that, he spent 23 years at AT&T Inc., including a three-year stint as head of AT&T Wireless Services.
Hesse also has joined Sprints board of directors.
Sprint CFO Paul Saleh was the interim CEO after Forsee left the company.
Sprint shares closed at $13.91 yesterday in New York Stock Exchange composite trading, down 26 cents. The companys stocks have dropped 25 percent since Forsee was ousted on Oct. 8.
AT&T Wireless www.wireless.att.com
Embarq Corp. www.embarq.com
Sprint Nextel Corp www.sprint.com
Verizon Wireless www.verizonwireless.com