John Legere Will Depart T-Mobile Next Year; Denies Discussions With WeWork
T-Mobile's CEO John Legere has been a regular feature of the news lately. Earlier this month it was revealed that SoftBank backed real-estate application WeWork was looking to hire Mr. Legere as its CEO. WeWork is yet to announce a proper replacement for its co-founder Adam Neumann, who had departed the company amidst scandal earlier this year. Well, at T-Mobile's business call update, Mr. Legere himself is shedding some light on the discussions, and by the looks of it, someone's sources got their information wrong, or the soon-to-be-former CEO is being deceptive. Take a look below for more details.
John Legere Will Step Down As T-Mobile's CEO In May 2020 - Executive Denies Being In Discussion With WeWork For Top Role
While Mr. Legere might not be interested in turning around WeWork's fortunes as he did with T-Mobile, the executive believes that his time at the carrier is over. It's now confirmed that John Legere will step down as T-Mobile's CEO in May 2020. He will be replaced by the carrier's current Chief Operating Officer Mike Sievert will take Mr. Legere's place as T-Mobile's top executive.
The announcement comes at a time when the carrier has finally gained regulatory approval for its long-standing merger with Sprint. This approval comes at the back of T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) promising to bring 5G coverage to more than 90% of Americans within three years of gaining approval. To that end, T-Mobile has also promised free 5G services for first-responders for 10 years; a move that has drawn criticism from T-Mobile's competitor AT&T (NYSE:T).
At T-Mobile's investor call today, Mr. Legere also shed light on rumors of him being approached by WeWork for the role of CEO. The executive has denied that he was in discussion with the real-estate company by flatly stating, "I want to be clear: I was never having discussions to run WeWork."
He's also optimistic about T-Mobile's aforementioned merger, which, despite winning regulatory approval is under fire from several attorney generals who believe that the deal will stifle competition in their states. Mr. Legere believes that Sprint and T-Mobile are in a good position to win the case and, "maybe we can get this wrapped up sooner than later."
T-Mobile is currently trading at $77.69/share at the time of writing, down by 0.59% from last week's closing. Sprint is trading at $5.88/share, up by 1.03% over the weekend.
Mr. Legere is high-spirited about his departure, as the 61-year-old executive stated:
I'm not retiring; I have 30-40 years [left] in me.
For our part, we'd love to see him managing corporations when he's 101.
Thoughts? Let us know what you think in the comments section below and stay tuned. We'll keep you updated on the latest.