Sprint's Adib leaves company following SoftBank deal

Longtime Sprint (NYSE:S) executive Fared Adib has left the company, a Sprint spokeswoman confirmed to FierceWireless, just months after he was given responsibility of a new group following SoftBank's purchase to take control of Sprint.

sprint Fared Adib


Sprint spokeswoman Jennifer Walsh said that "Fared is pursuing other opportunities. We wish him well." Adib's last day at Sprint was Feb. 28, she said. Reuters was the first to report on Adib's departure, and cited an internal Sprint memo it had obtained.

"Fared has been serving on assignment as a senior executive with Sprint, SoftBank and Brightstar to explore the possibility of establishing a new buying entity," the memo said. "Having completed that assignment, Fared has decided to take this as an opportunity to pursue the next challenge. We look forward to hearing more about his plans in the near future."

Adib, a 12-year Sprint veteran, had been Sprint's senior vice president for product development before taking on the new role. David Owens, an executive in Sprint's product development unit, will succeed Adib, according to the memo.

Last October SoftBank created the Buying & Innovation Group LLC (or BIG), to serve as a venture between SoftBank, Sprint and Brightstar Corp., the wireless device distributor. BIG served as a "buying entity" for member companies to generate savings and maximize efficiencies.

SoftBank then agreed to take a 57 percent stake in Brightstar for $1.26 billion, in a deal that valued the privately held company at $2.2 billion. Under the terms of that deal, CEO Marcelo Claure owns 43 percent of Brightstar, but SoftBank has said it will increase its holdings of Brightstar to 70 percent "over the next five years, or upon certain events." Critically, as part of the transaction, BIG became a division of Brightstar.

Adib's departure comes after a series of executive reshufflings at Sprint following the SoftBank deal. One of the other departures will be that of Sprint CMO Bill Malloy, who will retire this month.

For more:
- see this Reuters article

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