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Sprint CEO Leaves as Bad News Arrives

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Sprint CEO Leaves as Bad News Arrives

Business

Sprint CEO Leaves as Bad News Arrives

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STEVE INSKEEP, host:

NPR's business news starts with more trouble for Sprint.

The third biggest cell phone company in the United States is under pressure from investors and customers. And now Sprint has ousted its chairman and CEO, Gary Forsee. He's gone. That news comes as Sprint announced it expects a loss this quarter. Subscribers are defecting to other networks, and the country's top two cell phone companies - AT&T and Verizon - have added many more subscribers at the same time.

Now, in the two years since Sprint acquired Nextel, paying $35 billion in a bid to become a more powerful company, its stock has actually fallen 22 percent.

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