As predicted, Sprint Nextel's board has forced out chairman, president and CEO Gary Forsee over poor financial results that have plagued the carrier since its merger with Nextel. Sprint CFO Paul Saleh will serve as acting CEO while the board looks for a new leader. Board member James Hance Jr. will serve as acting nonexecutive chairman in the meantime, as well. The board said it is focusing on candidates outside of the company to replace Forsee.
As part of the announcement, Sprint said operating income will fall below the expected $11 billion to $11.5 billion range and revenue will not meet the expected $41 billion to $42 billion range either. Also, the carrier expects a net loss of about 337,000 monthly subscribers for the third quarter. Here's how that would compare with previous quarters (click to enlarge):
For more on Forsee's resignation:
- read this company press release