Updated from 11:40 a.m. EDT

Wireless specialist Clearwire ( CLWR) swapped out its CEO on Monday, appointing Vodafone veteran William Morrow to spearhead the firm's WiMAX strategy.

Morrow takes over from Clearwire's co-founder Benjamin Wolff, who will now serve as the company's co-chairman.

Clearwire, which has combined its Internet business with that of Sprint Nextel ( S), recently announced plans to spend $1.9 billion this year to build out its "Clear" branded 4G solution nationwide. The company is looking to build a mobile WiMAX network covering up to 120 million people in more than 80 markets by 2010.

Prior to joining Clearwire, Morrow was CEO of Pacific Gas & Electric (PG&E) ( VZ) in San Francisco, Calif. Earlier in his career, the 49-year old served in a number of senior executive positions at telecom giant Vodafone ( VOD), including stints as CEO of the company's European and UK operations, and president of Vodafone KK in Japan. Morrow has also worked for Japan Telecom and AirTouch International.

"Bill Morrow has developed a global reputation in the telecommunications industry as a highly regarded executive with an extraordinary track record of success in U.S., Europe and Japan," said Craig McCaw, Clearwire's co-chairman, in a statement. "Years of experience in key positions with great companies such as AirTouch and Vodafone have given Bill a great perspective on achieving operating efficiencies and enhancing value creation to profitably build and scale businesses."

Clearwire shares were recently up 1% to $2.96.

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