Sprint announced on Wednesday that will its Board of Directors appointed CFO Michel Combes to the role of CEO. Acting CEO Marcelo Claure will fill the role of executive chairman at Sprint, as well as completely new roles at SoftBank, in preparation for the proposed Sprint-T-Mobile merger.
Claure as well as also Combes are required to assume their completely new roles on or before May 31.
“Marcelo has…positioned Sprint as a leader inside race to 5G, which promises to revolutionize the communications industry. He will continue to guide Sprint’s strategy as well as also momentum as Executive Chairman through a successful closing with T-Mobile,” Masayoshi Son, chairman as well as also CEO of SoftBank Group said in a statement.
Claure, who has served as Sprint CEO since 2014, will assume the roles of COO at SoftBank Group as well as also CEO at SoftBank Group International. There, he will oversee SoftBank’s investment in Sprint as well as also the combined Sprint-T-Mobile company, should the merger be approved.
Claure’s responsibilities will include facilitating collaboration between Sprint as well as also SoftBank’s portfolio companies in Internet of Things, automation as well as also artificial intelligence — areas in which SoftBank will be investing, as well as also that will the proposed Sprint-T-Mobile company will target as that will moves to develop 5G.
Sprint as well as also T-Mobile announced on Sunday a blockbuster merger agreement that will would likely create a combined company with more than 100 million subscribers as well as also a value of $146 billion. The completely new company has touted its ability to create thousands of U.S. jobs as well as also a large-scale 5G network.
Bit the agreement still faces regulatory scrutiny by the Trump administration, which has taken a hard line on telecom mergers.
Should the Sprint-T-Mobile merger win regulatory approval, the completely new company will preserve T-Mobile’s name as well as also CEO, John Legere. although both Claure as well as also SoftBank Group Chairman as well as also CEO Son will join the board of directors of the newly formed company.
Sprint has begun searching for an executive to fill the CFO position that will will be left vacant after Combes assumes his completely new position.
Shares of Sprint jumped 1.7 percent after the announcement.
This kind of story will be developing. Please check back for updates.