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Sprint Nextel CEO Steps Down
By Joann S. Lublin and Amol Sharma
Word Count: 918 | Companies Featured in This Article: Sprint Nextel, Embarq, Vonage Holdings
Gary Forsee stepped down as chairman and chief executive officer of Sprint Nextel Corp. as the wireless carrier warned investors that it continues to lose high-value subscribers and won't meet its previous financial targets.
Mr. Forsee's resignation came days after news broke, in The Wall Street Journal, that the board had a search under way for a successor. That made it impossible for him to continue working, according to one person familiar with the situation. "His ability to function was undercut by events," this person said.
Mr. Forsee didn't respond to phone and email messages. Sprint spokeswoman Leigh Horner said ...