After seven years of brash speak, memorable advertising and marketing campaigns, and good enterprise strikes, John Legere will step down as CEO of wi-fi service T-Cellular in Might 2020, the corporate mentioned on Monday.
Legere can be changed by his high lieutenant, chief working officer, and president Mike Seivert. Legere will stay a member of T-Cellular’s board of administrators.
Legere mentioned he plans to try to full T-Cellular’s $26.5 billion merger with Dash earlier than he steps down. “This succession information modifications nothing” in regards to the pending Dash deal, Legere mentioned on a name with reporters and analysts.
“These are large sneakers to fill,” Sievert mentioned on the decision. “Our greatest tales and our greatest days lie forward.”
Shares of T-Cellular, which have gained 23% up to now this yr, have been down 2% in pre-market buying and selling on Monday.
The announcement comes whilst T-Cellular is negotiating with Dash over remodeling their 2018 merger settlement. Legere mentioned the 2 sides have made progress of their current talks, however had not reached a ultimate settlement but. Though the deal has already received approval from federal antitrust regulators, greater than a dozen state attorneys basic have gone to courtroom to cease the mix.
T-Cellular had mentioned when the deal was introduced that Legere would lead the mixed firm, however at the moment, the deal was anticipated to shut a lot sooner. Legere’s present contract with T-Cellular expires on April 30, 2020.
“It was all the time anticipated to be now, however we all the time anticipated the brand new T-Cellular to exist about six months in the past… it’s Mike’s time. He’s prepared. He’s on the good level,” Legere mentioned.
Legere has been rumored a attainable candidate to take over the CEO job at troubled actual property startup WeWork. He labored intently on the Dash take care of present WeWork chairman Marcelo Claure and SoftBank Group chairman and main WeWork investor Masayoshi Son.
However on Monday, Legere denied the rumors. “I used to be by no means having discussions to WeWork,” he mentioned. “However as a result of we had this announcement coming, I couldn’t say that.”
Legere leaves an unbelievable legacy at T-Cellular, which was hemorrhaging clients after a failed merger with AT&T when he joined in 2012. Since then, the corporate has attracted extra new clients than its three principal rivals, AT&T, Verizon, and Dash, mixed. And since going public by way of a reverse merger with MetroPCS in 2013, T-Cellular has additionally far outperformed its rivals within the inventory market. he additionally sometimes obtained into hassle making harsh statements on Twitter, the place he has 6.5 million followers.
Sievert joined Legere’s crew in 2012 as chief advertising and marketing officer after a profession as a high advertising and marketing govt at firms together with AT&T and Microsoft. He was promoted to chief working officer in 2015 and president final yr.