T-Mobile’s CEO will step down next year

T-Mobile’s CEO will step down next year

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Chief Executive Officer John Legere will step down next year, as said T-Mobile US Inc on Monday at a time when a trial is due to begin in less than three weeks to determine the fate of company’s merger deal with smaller rival Sprint Corp at a deal price of $26 billion.

The state attorneys general filed a lawsuit against the deal of merging third and fourth-largest U.S. wireless networks alleging it to be harmful to consumers in the United States, trial of which is scheduled on December 9.

Legere will continue to be leading the company till April 30 next year, after which President and Chief Operating Officer Mike Sievert will take over the charge, T-Mobile said, while Legere will remain on the company’s board as a member.

During his tenor at T-Mobile, Legere implemented bold business and marketing strategies which lead the company to become known as an innovating wireless carrier in the industry.

The succession plan of the company was in working for long, said Legere on a conference call with analysts, adding that a CEO working with a board that lacks a good succession plan fails. Its Mike’s turn now and he is ready.

Closing the merger deal with Sprint remain the main point of focus of the company, and it is a good feeling for me that T-Mobile is in a good position to settle that deal and winning the trial would also be a good feeling, Legere added.

As the merger agreement between the wireless carriers companies had expired on November 1, T-Mobile is in discussions with Sprint to extend the planned merger agreement. And T-Mobile is more likely to be reducing the deal price for Sprint in those negotiations.

Shareholders of T-Mobile were working on a new agreement to be discussed with Sprint, Legere said on Monday, but said that he is not in a position to provide any timeframe for the same.

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Zac Berry is presently a full time editor at Market Morning. He covers the M&As and follows live market commentary. Before joining Markets Morning, Zac Berry worked with a start-up, where he worked in the capacity of a Team Leader tracking company events and results. Born in the U.A.E, he spent most of his growing up years in Dubai. Currently, he resides in U.S. and is pursuing his charter in Accountancy.

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