December 19, 2007 |
Sprint Nextel Corp. named Dan Hesse, chairman and chief executive of wire line company Embarq Corp., its new president and CEO. Hesse, who has led Overland Park, Kan.-based Embarq since Sprint spun it off as a separate company a year and a half ago, replaces Gary Forsee, who was ousted from the nation's third-largest wireless provider in October after several quarters of falling subscriber numbers and other operational troubles.
October 11, 2006 |
Sprint Nextel Corp. announced that Tim Donahue was leaving as chairman of the struggling cellphone carrier, the company's second departure of a top executive in six weeks. The company did not name a replacement for Donahue, 57, who was chief executive of Nextel before it was acquired by Sprint last year for $35 billion. A Sprint spokesman said that the resignation was voluntary and that it had been expected.
April 21, 2006 |
Sprint Nextel Corp. has agreed to acquire UbiquiTel Inc. for $1 billion, continuing a campaign of buying up regional affiliates that have sued over last year's merger between Sprint and Nextel. Conshohocken, Pa.-based UbiquiTel provides wireless service under the Sprint brand name to 452,000 subscribers, including some in California. Reston, Va.-based Sprint Nextel will acquire UbiquiTel's shares for $10.35 each in cash. The stock rose 14 cents to $10.33.
January 24, 2006 |
Sprint Nextel Corp. froze pension plans for almost half of its 80,000 employees and won't offer a fixed retirement benefit to new workers as the company cuts labor costs to compete with other wireless carriers. Chief Executive Gary Forsee, who orchestrated the $36-billion merger of Sprint Corp. and Nextel Communications Inc., is revamping the retirement plans as he shifts the company's focus to the wireless business. Cingular Wireless, the largest U.S. mobile-phone services company, and No.
December 21, 2005 |
Sprint Nextel Corp. agreed to pay $6.5 billion to buy out shareholders of Nextel Partners Inc., its largest mobile-telephone affiliate, ending four months of bickering over a price. The offer of $28.50 a share was based on the average assessment of two appraisers, Sprint said. The Reston, Va.-based company already owns 32% of Nextel Partners, which is based in Kirkland, Wash. Sprint, which became the No. 3 mobile-phone provider after its $36-billion purchase of Nextel Communications Inc.
February 23, 2006 |
Sprint Nextel Corp. posted a 55% drop in fourth-quarter profit on costs to absorb Nextel Communications Inc. Net income fell to $197 million, or 7 cents a share, from $437 million, or 29 cents, a year earlier. Sales rose 63% to $11.3 billion, Reston, Va.-based Sprint Nextel said. Costs to integrate Nextel, which Chief Executive Gary Forsee bought for $36 billion, lowered profit by $204 million.