Sprint Corporation (NYSE:S) today confirmed that its CEO, Dan Hesse, is leaving and will be replaced by Marcelo Claure, founder/CEO of mobile hardware distributor Brightstar. Sprint Corporation (NYSE:S)’s stock opened 17% down today amidst rumors that is withdrawing its bid to acquire T-Mobile US Inc (NYSE:TMUS) on account of regulatory opposition. Investors fear that Sprint Corporation (NYSE:S) will continue to lose market share to bigger rivals like Verizon Communications Inc. (NYSE:VZ) and AT&T Inc. (NYSE:T).

Sprint, T-Mobile

Betty Liu, reported the departure of Sprint Corporation (NYSE:S)’s CEO, Dan Hesse, and appointment of Marcelo Claure on Bloomberg earlier today.

“As we mentioned Sprint Corporation (NYSE:S) not pursuing T-Mobile US Inc (NYSE:TMUS), Dan Hesse is stepping down, they are confirming that Marcelo Claure is going to be the new President and CEO of Sprint Corporation (NYSE:S),” Liu said.

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