Sprint Chief Forsee Resigns

Gary Forsee has resigned as Chairman,President and CEO of Sprint Nextel Corp., effective immediately, the company said Monday.

A committee of Sprint's board of directors is searching for a new CEO. Board member James Hance Jr. will become acting non-executive chairman and Paul Saleh, chief financial officer, will serve as acting CEO until Forsee's replacement is named.

Sprint decided it was time to put new leadership in place "to move the company forward in improving its performance and realizing corporate objectives," according to a statement attributed to board member Irvine Hockaday. The board will focus on chief executive candidates outside the company, he said.

More to come.