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
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.