Dan Hesse in Hot Water With Sprint’s Board of Directors?
If you ask some of Sprint’s current shareholders, frontman Dan Hesse is walking a fine line. But it appears that they’re not the only ones questioning the CEO’s decision making lately. A report from the Wall Street Journal is claiming that Sprint’s board of directors is taking a very hands-on approach at dealing with Hesse and what some would call his recent run of blunders. This move comes after complaints from disgruntled investors about Sprint’s current financial situation.
About five years ago, Hesse took over a troubled Sprint, which was still mending its wounds from a botched acquisition of Nextel that did more harm than help. With Hesse as their new face, the company struggled to rebuild and rebrand itself focusing on promoting change and customer service improvements.
As the company’s public image improved, its financial woes remained. This resulted in a round of investments led by Hesse that have yet to pan out. With expensive plans to launch a new LTE network later this year and investor’s patience continuing to thin, Sprint’s board could very well lose its confidence in Hesse as a leader, which could result in the CEO losing his paycheck.