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Saturday, 1 January 2011 - Craig McCaw resigns as Clearwire chairman
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    Read more with google mobile : Craig McCaw resigns as Clearwire chairman

    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Craig McCaw resigns as Clearwire chairman Reuters - Saturday, January 1 Send IM Story Print NEW YORK - - Wireless pioneer Craig McCaw has resigned as chairman of Clearwire Corp days ahead of a deadline on critical financial decision by its majority shareholder, Sprint Nextel. Clearwire gave no reason for McCaw's departure but said it was not due to "any disagreements with the company on any matters relating to its operations, policies, or practices." The departure comes as Clearwire, which sells high speed wireless access, faces a cash crunch as it needs billions of dollars to finish building a national network. McCaw nominated former Clearwire Chief Executive Ben Wolff to replace him on the board. Wolff, a trusted right hand man to McCaw, is widely seen on Wall Street as McCaw's chief negotiator through McCaw's Eagle River Holders investment vehicle, which owns a 4 percent of Clearwire. "He's there to watch the investment. If Eagle River needs somebody at the table they'd want Wolf in there; he's a pit bull," said Patrick Comack, Zachary Investment Research analyst. Sprint is expected to consider increasing its control of Clearwire and would need to negotiate with fellow stake holders like Eagle River to achieve that aim. Sprint has said it has no immediate plans to take full control of the company, in which it already has a 54 percent economic interest. "The issue is Eagle River are going to require an ample payment for their stock and whatever they get the public shareholders are bound to get," said Walter Piecyk, analyst at BTIG. Analysts said a key financial issue for Clearwire will be the January 2 deadline for Sprint to decide whether to buy $760 million of Clearwire's convertible debt. The success of Clearwire is crucial to Sprint, which rents space on the Clearwire network for its own high-speed offerings. But relations between Sprint and Clearwire have been less than harmonious in recent times due to disagreements over how much money Sprint owes Clearwire for its network services. For its part Sprint has objected to Clearwire's pursuit of a direct retail strategy, which essentially puts it into competition with its majority owner. Other Clearwire investors include Comcast Corp, Time Warner Cable, Google Inc and Intel Corp. Clearwire needs billions of dollars more funding to complete construction of its high-speed wireless network even after a $1.3 billion debt offering in December. Clearwire faces fierce competition from market leader Verizon Wireless, which launched a rival high-speed wireless service in December, and MetroPCS, a regional rival that has started offering high-speed services in some markets. AT&T Inc, the No. 2 U.S. mobile provider, has announced plans to upgrade its network later next year. Verizon Wireless is a venture of Verizon Communications and Vodafone Group Plc. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - 2 hours 7 minutes ago NTT DoCoMo to launch tablet computer: Nikkei Reuters - 2 hours 8 minutes ago Tablets galore on tap at major CES gadget fest AFP - Saturday, January 1 Imax jumps on takeover talk, but pares big gains Reuters - Saturday, January 1 Craig McCaw resigns as Clearwire chairman Reuters - Saturday, January 1 News Search Top Stories Estonia rings in 2011 as 17th eurozone member Hungary, under fire over media law, takes over EU presidency Report delivered on NewsCorp's BSkyB takeover bid No pardon for Wild West outlaw Billy the Kid Colombia undertaker launches ghostly census More Top Stories » ADVERTISEMENT Most Popular Most Viewed French model known for anti-anorexia ads dies No pardon for Wild West outlaw Billy the Kid Denmark and Sweden foil 'Mumbai-style' massacre plot Colombia undertaker launches ghostly census '250 billion' plastic fragments in Mediterranean More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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