Tuesday, April 5, 2011

Sprint (S) Brings Euteneuer to the Fold

Sprint (NYSE:S) has finally been able to insert Joseph Euteneuer into the position of CFO at the company after waiting for the completion of the acquisition of Qwest (NYSE:Q) by CenturyLink (NYSE:CTL).

In the latter part of 2010 Sprint had announced they had come to an agreement with Euteneuer, but the company had to wait until the sale was closed in order to secure his services.

Euteneuer will replace Bob Brust who is retiring at the company. He had agreed to remain until Euteneuer agreed to come on board.

The deal for Qwest by CenturyLink closed on Friday, setting the wheels in motion for the transition to Sprint by Euteneuer.

Brust was brought back out of retirement in 2008 in order to help keep the company from breaking debt covenants. He was able to cut costs, boost free cash flow and pay down debt during that time, setting the stage to acquire Virgin Mobile USA and affiliate iPCS Inc. in 2009.

Sprint closed Monday at $4.62, gaining $0.06, or 1.32 percent.

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