Sprint is on the ropes lately, judging from the increasingly bad numbers. As The New York Times reports, AT&T and Verizon, the industry’s behemoths, are recruiting Sprint customers who have grown tired of years of inattentive customer service and a lackluster array of cellphones.
Investors have also lost patience, the report said, as the company’s share price has dropped 58 percent since May 2007.
“What do you do when you hit rock bottom?” asked Roger Entner, a senior vice president at IAG, a market research firm. “It’s going to take a lot to turn this company around.”
And the new CEO, Dan Hesse, has a tough job. Here’s a short anecdote on when he first joined the company:
“At Mr. Hesse’s first operational meeting with senior managers in early January, he demanded to know which of three top executives was responsible for appeasing disgruntled customers. No one raised a hand. One of them has since left the company. At a finance meeting the next day, he asked managers to explain how they came up with earnings projections. “I got blank looks,” he said. Mr. Hesse ended the meeting after 20 minutes.”
(Image credit: Don Ipock / The New York Times)