T-Mobile US Chief Executive Officer John Legere will step down subsequent year, the corporate stated on Monday, less than three weeks before it goes to trial to determine the fate of its planned $26.5 billion merger with smaller rival Sprint Corp.
The third-largest U.S. wi-fi carrier will go to trial on December 9 to fight a state attorneys general claim that alleges the merger can be unfavorable to customers.
T-Mobile stated Legere will remain CEO until April 30 and will be succeeded by President and COO Mike Sievert. Legere will proceed to be a member of T-Mobile’s managerial board.
Legere, the outspoken architect of the marketing and business strategy that helped T-Mobile become an innovator in the wireless sector, said the succession plan had long been in the works.
T-Mobile has been discussing with Sprint to increase their merger offer, which had expired on November 1. A reduced price for Sprint may potentially be a part of the talks.
Legere said Monday the company’s shareholders had been engaged on a new settlement, however, he stated he couldn’t determine a timeframe.
Legere further mentioned he had never been in talks to run WeWork, saying the news stories had created an “awkward period” for T-Mobile. Japan’s Softbank is the predominant shareholder for Sprint as well as WeWork.
Sievert, a member of T-Mobile’s managerial board, has worked alongside Legere for the past seven years.
Shares of T-Mobile had been little shifted at $78.23 in afternoon trading, whereas Sprint was up 1.03%.