Clearwire CEO Bill Morrow has resigned for "personal reasons" amid a management shakeup that comes at a critical juncture for the WiMax provider.
In a statement, Clearwire said that Morrow resigned as CEO but will remain as an advisor to the company in a transition period. The company added that John Stanton, chairman of Clearwire's board of directors, will become the interim CEO.
Erik Prusch, CFO of Clearwire, will become chief operating officer. Prusch will be responsible for sales, marketing, customer service and other daily operations. Hope Cochran, treasurer, will become CFO and oversee Clearwire's attempt to raise more cash.
The company added that it is currently conducting a new search for a leader. As part of the management shakeup, Mike Sievert, chief commercial officer, and Kevin Hart, CIO, are leaving for other opportunities.
For Clearwire, the timing of this executive shakeup is notable. The company is currently negotiating with Sprint over its wholesale contracts. In addition, Clearwire is plotting a hybrid network with LTE and WiMax. And then there's Clearwire's cash crunch.
Simply put, Clearwire's new CEO is going to have a long list of things to do.