With pressure mounting on Clearwire (NSDQ: CLWR) to not only roll out, but successfully operate a WiMax network, the company’s board said today it has named telecom veteran Bill Morrow as CEO, replacing long-standing co-founder and CEO Ben Wolff. Morrow, 49, will join the company today, coming from positions at AirTouch and *Vodafone*. Wolff will continue as co-chairman, sharing the position with co-founder Craig O. McCaw. Release.
The changing of the guard marks a critical point in the company’s history, where it switches focus from being an aggressive deal-making and money-raising venture to a more fine-tuned operation focused on details and execution. As a former attorney, Wolff was known for negotiating tough contracts, and true to nature, helped the company raise more than $6 billion in equity and debt financing, and closed what was considered an impossible merger with Sprint (NYSE: S) (a merger that required the cooperation of not only Sprint, but also its investors, which included competing cable companies and *Google*). Full story on mocoNews.net…
How exactly does the title "Clearwire Dumps CEO Ben Wolff; Replaced With Telecom Veteran Bill Morrow" reflect what actually occurred? Wolff is now co-chair with Craig McCaw. Sounds to me like he got a promotion, not a termination.
Slanted article. Disregard.
Hi Derek, Not sure where you read "Clearwire Dumps CEO Ben Wolff…" The headline is "Clearwire Board Replaces CEO Ben Wolff With Telecom Veteran Bill Morrow." For a minute, I had it as "Ousting" since Wolff is leaving the CEO position, but changed it since they are keeping him on as Co-Chair. For more analysis and thoughts from Clearwire's board member, John Stanton, check out the full post at moconews.net. Thanks, Tricia.
Tricia,
They're original headline was the one I gave … looks like they changed it. You can see the original here:
http://biz.yahoo.com/paidcontent/090309/3_334408_id.html?.v=1
Sure enough. It has been changed now to more accurately reflect the news.
Thanks,
Tricia
LOL, Derek. Oh, he was "promoted", was he. Is this like when the CEO "steps down, to spend more time with his family?"
Bottom line: He was way over his head, a lawyer with *ZERO* telecom operating experience. He was CEO, now he has a largely ceremonial role with no real responsibility.
A rose, by any other name…