T-Mobile US (TMUS) - Get Report said Monday that CEO John Legere will step down next spring in a decision that follows reports he was being courted to replace co-controversial WeWork founder Adam Neumann.
Legere, who has led the Deutsche Telekom-backed wireless carrier since 2012, was instrumental in steering its pending $26 billion merger with Sprint Corp. (S) - Get Report but has also been named as a potential successor to the outgoing Neumann. However, Legere told reporters on a conference call that he had "never having discussions to run WeWork".
Legere, who has close ties with SoftBank, the Japan-based investment fund which has stakes in both Sprint and WeWork and is run by billionaire investor Masayoshi Son, will stay on at T-Mobile until April 30, when he will be replace by President and Chief Operating Officer Mike Sievert.
"John Legere has had an enormously successful run as CEO. As the architect of the Un-carrier strategy and the company's complete transformation, John has put T-Mobile US in an incredibly strong position. I have the highest respect for his performance as a manager and as a friend, I am very grateful to him for the time together," said Deutsche Telekom CEO Tim Höttges.
"John taught everyone at T-Mobile that if you listen to customers and empower employees, you can change a culture - and by doing so - change a company and an entire industry," he added. "The Board is pleased that John will support this leadership transition while focusing on closing our pending acquisition of Sprint."
T-Mobile U.S. shares were marked 1.9% lower at the start of trading Monday following news of Legere's departure to change hands at $76.60 each.