Sprint CEO Marcelo Claure leaves post

  • Push-out Score determined
  • After less than four years in the position
  • Accolades and praise for Claure
  • Michel Combes taking over
  • Claure will remain as Executive Chairman at Sprint
  • Claure said 44 words

(exechange) — Overland Park, Kansas, May 2, 2018 — Marcelo Claure, chief executive of Sprint, leaves the position. As announced by Sprint Corporation in a news release and in a regulatory filing published on Wednesday, May 2, 2018, Marcelo Claure leaves his post as Chief Executive Officer at the telecommunications company after less than four years in the position, effective on or before May 31, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.8 years, according to data compiled by exechange.

Claure’s duties will be taken over by Michel Combes, currently Chief Financial Officer of Sprint Corporation.

In connection with these changes, Sprint has initiated a search for a new Chief Financial Officer.  The Company will consider internal and external candidates.

Career change

Claure’s departure from the CEO post is explained as follows. Sprint said: “In their new roles, Claure and Combes will collaborate on the continued execution of Sprint’s strategy as well as its planned combination with T-Mobile.”

Sprint and T-Mobile announced on Sunday a merger agreement that would create a combined company with more than 100 million subscribers and a value of $146 billion.

Claure will remain as Executive Chairman at Sprint

Sprint announced that its Board of Directors has “elevated” Marcelo Claure to Executive Chairman, and appointed Michel Combes to the role of Chief Executive Officer.

Separately, SoftBank Group Corp. announced that Marcelo Claure will assume the role of Chief Operating Officer of SoftBank Group Corp. and Chief Executive Officer at SoftBank Group International.

Among his other duties, Claure will continue to oversee SoftBank’s investment in Sprint and the combined Sprint / T-Mobile company following the closing of the companies’ pending merger.

Claure will also be responsible for creating new opportunities and potential collaboration between Sprint and SoftBank’s portfolio companies in IoT, automation and artificial intelligence, all areas where SoftBank is actively investing.

“This will become increasingly important as Sprint and T-Mobile together move aggressively to deploy America’s first and leading 5G network,” Sprint said.

As previously announced, both Marcelo Claure and Masayoshi Son will join the Board of Directors of the newly formed company following the close of the proposed merger with T-Mobile.

“Cessation of his services as the Company’s Chief Executive Officer”

Sprint said: “On May 1, 2018, the Board of Directors … of Sprint Corporation … approved the appointment of Marcelo Claure as Executive Chairman of the Board of the Company and the cessation of his services as the Company’s Chief Executive Officer, and the appointment of Michel Combes as Chief Executive Officer of the Company and the cessation of his services as the Company’s Chief Financial Officer, each becoming effective on the earlier of (1) the date the Company has appointed a new Chief Financial Officer and definitive amended and restated employment agreements for Messrs. Claure and Combes have been agreed to, or (2) May 31, 2018.”

Sprint further said: “On May 1, 2018, Mr. Claure informed the Board that he has accepted an offer to become the Chief Operating Officer of SoftBank Group Corp. and Chief Executive Officer at SoftBank Group International. Mr. Claure will continue to serve as Executive Chairman of the Company once his employment with SoftBank commences.”

In the position of CEO since 2014

Claure was named President and Chief Executive Officer, effective August 11, 2014.

Claure, who has served as CEO since 2014, will remain a part of the Sprint senior management team.

Marcelo Claure is currently CEO of Sprint, a member of the Board of Directors of SoftBank Group Corp, a member of the Board of Directors of Arm, and Chairman of CTIA – The Wireless Association.

Since joining Sprint in August 2014, Claure has led the Company’s significant turnaround, including rejuvenating the Company culture and brand and positioning the Company as a leader in the race to 5G.

Sprint has dramatically improved its products and services and is increasingly garnering top awards from third-party experts – including Nielsen, Ookla and RootMetrics – for network reliability, speed, text and call quality.

Sprint has also reversed course from losing nearly 8,000 customers a day in 2014 to adding nearly 14,000 a day in the first fiscal quarter of 2017.

Simultaneously, the Company has increased revenue, eliminated billions of dollars in costs, delivered the largest operating income of the last 10 years and once again generated free cash flow.

Prior to Sprint, Claure started his first business – a small retailer of wireless phones – in 1994 and, in 1997, founded Brightstar, which he transformed from a small, Miami-based wireless distributor into the world’s largest global wireless distribution and services company with revenues exceeding $10 billion and a presence in more than 50 countries.

In 2014, Claure partnered with David Beckham and Simon Fuller to launch Miami Beckham United, a venture to establish a Major League Soccer franchise in Miami.

He also currently owns BAISA, which operates Club Bolivar, Bolivia’s most popular and successful soccer team in national and international competition.

Claure is a Young Global Leader of the World Economic Forum and a member of Ernst & Young’s Entrepreneur of the Year Hall of Fame.

In 2016, he was among 42 individuals selected by the Carnegie Corporation of New York as part of the “Great Immigrants: The Pride of America” initiative recognizing notable contributions to the progress of the Company’s society.

He earned a Bachelor of Science in Economics and Finance in 1993 and an honorary Doctorate of Commercial Science from Bentley University in Massachusetts.

Push-out Score determined
Read the full story in the exechange report 19.2018 ($).