Clearwire's stock dropped 12 percent on Friday as investors feared Sprint Nextel's operational problems could hurt the two companies' plan to jointly construct their WiMAX networks.
The fall comes amid speculation that Sprint CEO Gary Forsee could be ousted. The CEO is feeling pressure from activist investor Ralph Whitworth who told The Wall Street Journal that investors have lost confidence in the leader. Sprint's board of directors reportedly has quietly begun its search for a new chief.
To read more:
- take a look at this Financial Times report