Wireless operator Sprint Nextel Corp. has made good on the industrys worst-kept secret: that it will indeed name a Qwest executive as its new CFO.
On Wednesday, Sprint said Joseph Euteneuer, Qwests CFO and executive vice president, should join the company soon. Euteneuer will work out of Sprints Overland Park, Kan., headquarters after Qwest Communications International Inc. and CenturyLink Inc. complete their pending, $22.4 billion merger. Euteneuer had made clear to Sprint that he wouldnt leave Qwest until the CenturyLink deal is done.
Joe has an excellent reputation in the industry and has a strong background in a variety of financial disciplines, including finance and accounting, mergers and acquisitions, and financial operations,” Sprint CEO Dan Hesse said in a press release.
Current Sprint CFO Bob Brust is retiring from a company that has struggled with financial losses.
Euteneuer, 55, holds a bachelors degree in accounting from Arizona State University and is a certified public accountant.
In the third quarter of 2010, Sprint Nextel posted a net loss of $911 million and consolidated operating revenues of nearly $8.2 billion.
Shares of Sprint closed this afternoon at $4.31 on the New York Stock Exchange, with heavy trading volume. EpicStockPicks.com reports the stock price has increased more than 18 percent this year.