John Legere, the colorful CEO of T-Mobile Us Inc (NASDAQ: TMUS), will step down next year to be replaced by Mike Sievert, the company said Monday.
It's been widely expected Legere would step down when his contract ends in April. Sievert, the current president and COO, has been the heir apparent and expected to take over once the T-Mobile merger with Sprint Corp (NYSE: S) is complete.
Shares of T-Mobile were up marginally after Monday's announcement, trading at $78.34.
Sprint Merger Still Pending
Legere leaves and Sievert takes over as T-Mobile attempts to complete its acquisition of Sprint, which would make it about the same size as larger rivals AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ).
As head of T-Mobile since 2012, Legere has been credited with taking charge of what was an also-ran in the wireless phone industry and turning into one of the fastest growing and best-known players in the space.
I’ve got some important news! On May 1, I’ll be handing the magenta CEO reigns over to @SievertMike as my successor. This move has been under development for a long time and I couldn’t be more confident in the future of @TMobile under his leadership.
— John Legere (@JohnLegere) November 18, 2019
Legere has had a high-energy, highly visible run as head of T-Mobile, with lots of TV airtime wearing his hot pink T-Mobile clothing and a lack of fear of taking on rivals vocally. Legere sometimes even berates them on social media to his 6 million Twitter followers. He has publicly - and comically - portrayed AT&T and Verizon as less customer friendly, even calling them "dumb and dumber."
"As the architect of the Un-carrier strategy and the company’s complete transformation, John has put T-Mobile US in an incredibly strong position," T-Mobile US board chairman Tim Höttges said in a statement. “John taught everyone at T-Mobile that if you listen to customers and empower employees, you can change a culture – and by doing so – change a company and an entire industry."
The Wall Street Journal reported earlier this month Legere may be talking to struggling office-share startup WeWork about taking over there.
Legere, who hired Sievert in 2012, endorsed him as his replacement.
"This move has been under development for a long time and I couldn’t be more confident in the future of (T-Mobile) under his leadership," Legere said Monday on Twitter.
Report: T-Mobile's John Legere Could Be Next WeWork CEO
T-Mobile's Solid Results Still Overshadowed By Merger Uncertainty
Photo courtesy of T-Mobile.
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