Sprint Nextel seeks new CEO

Sprint Nextel board members are actively seeking a new CEO. The news came when the company decided to replace Chief Executive Gary Forsee.

Forsee became chairman of the company in 2003, but when Nextel merged with Sprint, the company charged him with unresolved problems relating to the acquisition.

Sprint is now the No. 3 wireless player behind rivals Verizon and AT&T. The company has lost ground in the wireless sector since the Nextel acquisition which caused customers to defect.

The company has already approached some high-profile executives and hopes to have a new CEO by early December.