Embarq CEO Dan Hesse, who had led Sprint's local wireline unit before it was spun off as Embarq in May 2006, is returning to Sprint Nextel as CEO. Hesse, who was a front-runner for the job in minds of many people, will fill the job left open by Gary Forsee's departure on October. He faces many significant challenges at a company that has lost many customers, and has failed to integrate a major merger. And, oh yeah, should Sprint deploy WiMAX or not?
Embarq under Hesse garnered a lot of positive attention, though after being seen as something of a Wall Street darling earlier this year, its stock price has slid sharply and hit a 52-week low yesterday. Embarq general counsel Tom Gerke will serve as interim CEO until a permanent replacement is hired. So, let's start the debate about who should lead Embarq: Gerke is one candidate, but what about Dick Notebaert?
- check out this breaking story at BusinessWeek
Sprint reportedly rejected a $5 billion investment that would have put a former Nextel chief in charge