Sprint Nextel CEO steps down

Gary Forsee the CEO of Sprint Nextel stepped down Monday amid concerns of falling subscribers and poor financial performance, no successor has yet been named.

The sudden departure of Mr Forsee highlights the trouble Sprint Nextel has had integrating Nextel communications which cost $36bn. This difficult integration has hampered the firm’s ability to compete with UK market leaders AT&T and Verizon Wireless.

The company has now adjusted it’s profit forecast , and is now saying that profits will be slightly below the predicted $11bn to $11.5bn. The company’s third quarter results are expected on November 1st.

Sprint Nextel’s chief financial officer Paul Saleh, will act as acting chief executive until a permanent replacement for Mr Forsee is found.

The company has already highlighted that it’s search for a new CEO will focus outside the firm.