Sprint departures echo underlying woes
updated 03:10 pm EDT, Tue March 18, 2008
Directors leave Sprint
Two more directors are leaving Sprint, writes the Wall Street Journal. Keith Bane and Linda Koch Lorimer have announced that they will not pursue re-election at May's shareholder meeting; the company now has a sizable four vacancies to fill, Frank Drendel and William Swanson having announced similar news last month. This may benefit Sprint, however, according to analyst Walter Piecyk of Pail Research. "The departure of four board members should provide a much needed fresh perspective to the board," he says.
Sprint has taken a number of corporate blows in the past year. The company recently reported a $29.5 billion loss for 2007, thanks in part to the departure of 683,000 subscribers. It also negotiated a mire of lawsuits, and has yet to finalize its WiMAX deal with Clearwire. In December the company jettisoned ex-CEO Gary Forsee, taking on Dan Hesse, who is in the early stages of trying to revive the company's fortunes.
