The pressure of poor performance and a falling share price finally got to Sprint’s (S) board of directors. CEO Gary Forsee is being forced out, and the company will begin looking for a replacement.
The Wall Street Journal writes that many of Sprint’s problems come from relying on customers with poor credit. The company has had trouble finding new subscribers while AT&T (T) and Verizon Wireless add to their totals each quarter.
The largest single question facing the company is whether it will move forward with it plan to build a $5 billion national WiMax network to offer next-generation wireless broadband.
Douglas A. McIntyre