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Sprint's Board Chairman to Exit

Fewer than two months after Sprint Nextel's COO Len Lauer exited the company, its executive board chairman, Tim Donahue, is stepping down.

Sprint Nextel  said Donahue's retirement would be effective as of the end of this year. The 57-year-old Donahue is the former CEO of Nextel, Sprint's $35 billion merger partner.

Tim Donahue
Tim Donahue
Source: Sprint

In addition, Sprint Nextel announced the appointment of Robert R. Bennett, former president and CEO of Liberty Media Corp., to serve on the Sprint Nextel board.

"I have poured my heart and soul into Sprint Nextel and I am confident that the promise of the merger will be realized," Donahue said in a statement.

He said although his more than 20 years in the telecommunications industry has been a thrilling journey, he is also looking forward to spending more time with his wife, family and friends.

"We are going to miss Tim's dynamic personality and shrewd business sense but we wish him all the best," said Gary Forsee, Sprint Nextel's president and CEO, in a statement.

The latest changes in the executive ranks comes amid a reorganization for Sprint Nextel, the No. 3 mobile carrier.

Recent earnings results showed lower income, as well as a 5 percent drop in long-distance revenue.

Sprint has also been forced to acquire some affiliate companies amid lawsuits they filed against Sprint over competitive issues that popped up following its Nextel merger.