Relational's Whitworth named to Sprint board

Sprint Nextel Corp. has named Ralph Whitworth, founder and principal of activist hedge fund Relational Investors LLC, to its board. Whitworth (pictured at left) is Sprint's 12th-largest shareholder with a nearly 2% stake in the Reston, Va., telecommunications company.

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It had been said that the activist was instrumental in pushing Sprint's chaiman and chief executive officer Gary Forsee to step down on Oct. 8. Forsee's resignation followed a Wall Street Journal report that Whitworth had grown impatient with his leadership.

"Relational Investors is a large investor in Sprint Nextel, and over the past year I've had several discussions with Ralph and have always come away impressed by his insights and interest in working with our management to enhance shareholder value," stated James Hance, Sprint's chairman. - Michael Rudnick

See announcement from Sprint Nextel
See Oct. 8 story from TheDeal.com
See additional stories about Forsee's ouster from The Deal Blogs Network

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