Thursday, September 30, 2010

Clearwire Sees Big Shuffle In Board, On Sprint Antitrust Concerns

Kirkland-based Clearwire just announced this morning that three of its directors--Daniel R. Hesse, Keith O. Cowan, and Steven L. Elfman--have resigned from its board, all of whom are officers of Sprint Nextel, and who were nominated to its board by Sprint. According to Clearwire, the shuffle comes due to an "abundance of caution" due to new developments in antitrust law. According to Clearwire, Sprint has the right to appoint seven of the 13 members of its board of directors. Sprint still has four more appointees to its board. Clearwire did not detail what the new developments in antitrust were which sparked the move.