Clearwire reshuffles execs, posts $260 million Q1 loss |
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Clearwire reshuffles execs, posts $260 million Q1 loss
Clearwire today reported revenue growth of 21 percent for the first quarter and announced changes to its management team. The Kirkland broadband wireless company reported revenue of $62.1 million as subscribers increased to 500,000. Meanwhile, the net loss was $260 million and the company said it would spend $1.5 billion to $1.9 billion this year as it builds out the 4G wireless network known as Clear.
The company also said that Chief Operating Officer Perry Satterlee and Chief Accounting Officer Robert DeLucia are stepping down. In addition, Clearwire named three new executives to the team -- G. Michael Sievert as Chief Commercial Officer; Kevin Hart as Chief Information Officer; and Laurent Bentitou as Chief People Officer.
And James Douthitt will join as controller, with CFO David Sach taking on the duties of Robert DeLucia.
“It is a pivotal time for Clearwire as we begin to significantly scale our operational capabilities, gain merger integration synergies, leverage key partnerships and ramp up our network construction and deployment activities to an unprecedented rate,” said CEO William Morrow in a statement.
Earlier today, Cisco said that it would build WiMax-enabled devices for Clearwire's 4G network.
Clearwire's stock, which fell 10 percent in earlier trading, was up slightly in after hours trading.
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