Report: Sprint CEO plans job cuts
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The Wall Street Journal reports that the No. 3 cell phone operator in the country is preparing to lay off thousands of workers to help get its business back on track.
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After a big drop in subscribers and planned layoffs, Sprint Nextel's top financial, marketing, and sales executives are leaving the company.
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The CEO of Cingular acknowledged earlier this week that it expects to cut up to 10 percent of its 68,000-person workforce in the next year and a half.
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The announcement comes after Sprint last week reported deeper-than-expected customer losses for the fourth quarter and said it would cut about 4,000 jobs in a bid to reduce costs.
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OVERLAND PARK, Kan.  - For Sprint, "winning" is a relative term. After a string of dismal quarters, Wall Street would be happy if CEO Dan Hesse could just stop Sprint's bleeding. But Hesse is preparing for war against his telecom rivals, with an arsenal packed with "nukes" - Hesse-speak for anything that has the potential to disrupt the status quo in wireless. One possibility under consideration: flat-rate pricing for unlimited voice calls.
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Sprint Nextel Corp  reported  deeper than expected subscriber losses on Friday and said it  would cut about 4,000 jobs, sending its shares down 26 percent  and raising fears that an economic slowdown would take a  greater toll on the wireless industry .
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Sprint Corp. (FON.N: Quote, Profile, Research) on Friday said it plans to cut up to 700 jobs as it realigns its business to focus on wireless and Internet services and takes a non-cash network impairment charge.
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Tough times continue at Sprint Nextel, as the company said Thursday that three of its top executives are on their way out.CFO Paul Saleh, Chief Marketing Officer (CMO) Tim Kelly, and President of Sales and Distribution Mark Angelino will leave the company on Friday, according to Sprint Nextel. It wasn&#39;t clear if the executives were leaving voluntarily or were being let go, and company spokeswoman Leigh Horner said in an e-mail that Sprint Nextel isn&#39;t &quot;commenting further or characterizing the nature of these departures.&quot;In a press statement, Sprint Nextel President and CEO Dan Hesse thanked the three for their &quot;dedication and contributions&quot; to the company, and wished them luck in future endeavors.Sprint Nextel is looking to replace the departing executives permanently, but in the meantime their duties are being handled by existing executives.William G. Arendt, currently senior vice president and controller of Sprint Nextel, will serve as acting CFO, while John Garcia, currently senior vice president, product development and management, will serve as acting CMO. Paget Alves, currently Sprint Nextel&#39;s regional president for sales and distribution, will serve as acting president, sales and distribution. All of these executives will report directly to Hesse.The news of the executive shake-up follows the announcement last week that&#160;Sprint would be laying off 4,000 employees and the close 125 of its 1,400 retail outlets&#160;due to the net loss of more than 100,000 customers in the fourth quarter of 2007. At the end of the year, Sprint said it had 53.8 million subscribers, including 40.8 million customers of its traditional post-paid service.The company plans to announce its full fourth-quarter results on Feb. 28.While Sprint struggles, rival carrier&#160;AT&amp;T seems to be doing better, thanks to its partnership as the&#160;exclusive service provider for Apple&#39;s iPhone&#160;device. AT&amp;T&#39;s revenue was up 2.9 percent in the fourth quarter of 2007, largely driven by increases in mobile phone and broadband customers, the company announced Thursday.AT&amp;T saw a net gain of 2.7 million mobile subscribers during the quarter, and most of them came to the company through its iPhone partnership, the company said. Apple said Tuesday it sold 2.3 million iPhones during the quarter.
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No. 3 U.S. mobile service provider  Sprint Nextel Corp  is expected to offer flat-rate calling  plans at up to a 40 percent discount to its rivals, hurtling  the industry into a price war, analysts said on Wednesday.
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Sprint Corp.,   the No. 3 U.S. wireless telephone service company, on Monday said its 2004 results would meet its prior estimates, and the company released its outlook for earnings and revenues in 2005.
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With a view to focusing on its wireless business, Motorola Inc. said it plans to slash 1,000 jobs, or 1 percent of its staff, and absorb charges of about $50 million.
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Sprint (nyse: FON - news - people ) President and Chief Operating Officer Len Lauer also had overseen the telecom&#39;s consumer division.
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SBC Communications, one of the biggest US phone companies, is planning to cut more than 10,000 jobs, or about 6% of its workforce, by the end of next year.
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Sprint Corp., the telecommunications giant, said yesterday it will cut 700 jobs in its business solutions division as it stops selling business long distance services outside of package deals. The cuts represent 7.8 percent of the division's workforce.
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Gary Forsee, chief executive of Sprint-Nextel, spoke about efforts to right the companyâs ship.
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Sprint (FON:NYSE - news - research) chief Gary Forsee is billing the Nextel (NXTL:Nasdaq - news - research) deal as strength building on strength.
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Sprint Nextel Corp  reported deeper than expected subscriber losses on Friday and said it would cut about 4,000 jobs, sending its shares down 26 percent and raising fears that an economic slowdown would take a greater toll on the wireless industry .