Sprint replaces CEO after failed T-Mobile bid

GMT 19:22 2014 Wednesday ,06 August

Arab Today, arab today Sprint replaces CEO after failed T-Mobile bid

Sprint Nextel operational headquarters
New York - AFP

US wireless carrier Sprint said Wednesday it was replacing its chief executive after an apparently bungled effort to take over rival T-Mobile.
Sprint said its new president and CEO would be Marcelo Claure, who founded and heads Brightstar, a subsidiary of Sprint's majority owner, SoftBank of Japan.
Claure, 43, replaces Dan Hesse at the helm of the third largest US mobile group, which was widely believed to be coveting T-Mobile.
In a statement, Claure did not make any reference to T-Mobile but said: "In the short-term, we will focus on becoming extremely cost efficient and competing aggressively in the marketplace."
"While consolidating makes sense in the long-term, for now, we will focus on growing and repositioning Sprint," he added.
On Tuesday, the Wall Street Journal reported that Sprint had abandoned a $32 billion offer for T-Mobile in the face of US regulatory opposition.
Although Sprint has not publicly acknowledged bidding for T-Mobile, SoftBank chief Masayoshi Son has stated that he wanted a stronger number three carrier to challenge US market leaders Verizon and AT&T.
The Journal said Sprint gave up after officials from the US Justice Department and Federal Communications Commission indicated they would oppose a deal merging Sprint with number four T-Mobile.
In 2011, US regulators blocked AT&T's effort to buy T-Mobile, claiming it would be harmful to consumers and competition.
The newspaper also reported that T-Mobile has refused talks with French telecom operator Iliad, declining to even allow access to financial information for a bid.
Iliad made a surprise $15 billion bid for a controlling stake in T-Mobile, seeking to merge the US operator with the similarly aggressive brand Free, which provides discount Internet and wireless access.

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