Sprint (S) CEO Forsee Out, Q3 A Stinker


Sprint Nextel Chairman and CEO Gary Forsee is stepping down, the company said this afternoon, and the carrier’s most valued subscribers are leaving in droves.

Forsee, whose imminent departure was reported last week, will be temporarily replaced by CFO Paul Saleh. Board member James Hance, Jr. will take over as non-executive chairman.

Sprint (S) also said it expects to report a Q3 net loss of 337,000 “post-paid” subscribers — high-value customers who sign contracts and pay monthly bills — and that 2007 revenue and and operating income will miss guidance. Sprint will report Q3 results on Nov. 1. The no. 3 wireless carrier has struggled since acquiring Nextel for $35 billion in 2004.

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