Sprint Nextel’s chief operating officer (COO), Len Lauer, on Monday stepped down from his post at the United States’ number-three wireless carrier, and Gary Forsee, the firm’s president and chief executive, will take over Lauer’s responsibilities, the Associated Press reports via BusinessWeek.com.
Lauer came to Sprint in 1998, where he went on to become chief operating officer and president in 2003, according to the AP. In 2005, following the Sprint/Nextel merger, he was appointed COO of the combined carrier, the AP reports.
Forsee said, “Len has been an important part of the Sprint team for the past eight years and provided strong leadership and counsel. We thank him for his many contributions and wish him well,” according to the AP.
Sprint Nextel has been struggling with its financial issues in recent days, reporting a nearly 40 percent drop in quarterly earnings in early August, and then a week later agreeing to pay out roughly $29 million to current and former company employees who claim the carrier devalued their retirement accounts by tying them to its stock, the AP reports.
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