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Sprint Names New CEO After Dropping Bid For T-Mobile

Marcelo Claure will be tasked with strengthening the company's network.

Sprint Names New CEO After Dropping Bid For T-Mobile

[Sprint Banner: Northfoto via Shutterstock]

One day after Sprint dropped its bid to acquire T-Mobile, the wireless carrier also dropped its CEO Dan Hesse, replacing him with Marcelo Claure, founder of mobile phone distributor Brightstar Corp.

Marcelo ClaurePhoto courtesy of Sprint

The talks with T-Mobile dissolved Tuesday over regulatory concerns about combining the third- and fourth-largest carriers in the U.S.

"While we continue to believe industry consolidation will enhance competitiveness and benefit customers, our focus moving forward will be on making Sprint the most successful carrier," said Sprint chairman Masayoshi Son in a statement.

Sprint was the only major carrier to report a loss in subscribers last quarter. As its new chief, Claure's role will be to help strengthen the company's network and revitalize the brand.

The market responded by driving Sprint shares down close to 20% as of this post.