Sprint CEO steps down

Reston, Va. -- U.S. telecom Sprint Nextel Corp. announced Monday that Gary Forsee stepped down as the company's president and chief executive officer, effective immediately.

Paul Saleh, Sprint's current chief financial officer, will serve as acting CEO until a permanent replacement for Forsee is named, the company said in a release. Named to serve as non-executive board chairman was James Hance Jr., a board member.

"On behalf of the entire board and the Sprint Nextel employees, we want to thank Gary for his dedication and leadership and all of the contributions he has made since becoming chief executive of Sprint in 2003," said Irvine Hockaday, a board member.

The board will look outside of the company for its next CEO, Hockaday said.

"We fully expect that the search will be concluded in a timely manner and we are focused on selecting the right candidate to guide the company to achieve its full potential," he added.

In addition to Forsee's departure, Sprint announced it expects to report a net loss of approximately 337,000 post-paid subscribers in the third quarter. The company said it would release its third-quarter financial results Nov. 1.

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