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John Legere, CEO of T-Mobile, will step down



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The surprise comes as speculation revolves around the possibility that Legere will be one of the top candidates for becoming WeWork's next CEO – though Legere reports that he was looking for this job.

Legere will be replaced by Mike Sievert, currently president and chief operating officer of Mobile tee (TMUS). The company said Legere will continue to be a board member and will assist in the pending acquisition of a rival company. Sprint (s).

Sprint is controlled by Japanese investment giant SoftBank, which also owns WeWork.

WeWork is looking for a new CEO after Adam Neumann was forced to leave when the company was forced to abandon its initial public offering plans due to concerns about its corporate governance and growing losses.

But Legere said during a conference call with analysts on Monday that he was never arguing with WeWork, adding that rumors about his departure made things "strange" as he was already in the process of defining a T succession plan. -Mobile.

Investors received the news of Legere walking away. T-Mobile shares fell only slightly on Monday, while Sprint shares rose nearly 1%.

T-Mobile Not Concerned About State Legal Challenge to Sprint Agreement

Legere said that in his final months as CEO, he plans to focus on ensuring that the deal with Sprint is finalized. The merger received regulatory approval from the Federal Communications Commission and the US Department of Justice. But a group of attorneys general from various states are still trying to block the merger. A trial is scheduled to begin in December.

Sievert said during the conference call that he was not very worried about the Sprint deal breaking up.

"We are planning to win, as you know, and we are increasingly confident as we approach the trial," he said, adding that T-Mobile's main focus "is to conclude this deal and build this new company, unlocking this huge network capacity and the huge synergies that result from this capacity expansion. "

John Legere, CEO of T-Mobile, will step down in April
Sprint's $ 26 billion deal creates a far more formidable rival for telecommunications giants Verizon (VZ) and owner of CNN ATT (T) as well as cable companies Comcast (CMCSA) and Charter Communications (CHTR).

Legere, who is often seen wearing a magenta-colored T-Mobile t-shirt, often scoffs at these bigger rivals – and said on Monday that would not change.

"This transition is over five months from now, so you'll still have enough time and opportunity to hear me shoot the competition," he said during the conference call. "So don't get too excited, AT&T, Verizon, Comcast and Charter."

Sievert seems to want to mimic Legere's fiery style as well.

During the conference call, Sievert promised to continue referring to a combined T-Mobile and Sprint as "non-carrier" – a term Legere coined to describe what he believed to be T-Mobile's most customer-friendly business style.

"Our lower cost and larger scale will simply allow us to overwhelm the non-carrier strategy and bring even more competition to this market," said Sievert, adding that AT&T and Verizon "have no idea what is about to reach them and that customers are more interested. " will be the winners. "

Weak praise to Verizon

But Legere had some kind words for Verizon, which is partnering with Disney to offer House of Mouse's new Disney + streaming service for free to many Verizon cell phones and Fios Internet and TV subscribers.

"Disney + seems to have been a big hit from the start. And there are some great assets out there," said Legere.

But in true Legere style, he quickly dubbed Verizon's partnership an imitation of T-Mobile's deal with Netflix, which allows T-Mobile subscribers to get Netflix for free.

"I think Disney + is an exciting platform. I don't deny it, but Verizon's offerings certainly pale in comparison to what T-Mobile offers," said Legere, adding that T-Mobile may consider other partnerships, but not has plans to do so. create your own content like AT&T, Verizon and Comcast.

"We didn't create a media company," said Legere.

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