Clearwire (CLWR) Cleans Management House, CEO, CIO Step Down

In a big management shakeup at troubled Clearwire (NASDAQ:CLWR), CEO Bill Morrow stepped down for what is being described as "personal reasons," and CIO Kevin Hart and chief commercial officer Mike Sievert, are also leaving the company.

Replacing Morrow on an interim basis will be chairman John Stanton. The changed is effective immediately.

Stepping into a newly created chief operating officer position will be current CFE Erik Prusch. Treasurer Hope Cochran will take over the CFO job.

The Wall Street Journal’s Matt Jarzemsky the shakeup comes as Clearwire
“continued to burn through cash, demonstrating the sky-high costs associated with building a brand-new network.”

Clearwire closed Thursday at $5.75, gaining $0.37, or 6.88 percent.