Dish Network (DISH) announced that CEO Charlie Ergen will be stepping down to devote more of his time to the company's emerging wireless business. Ergen will stay on as chairman of the company.

The company promoted current President and Chief Operating Officer Erik Carlson to be the CEO.

"With more than 20 years' experience at DISH, Erik brings a complete understanding of the business opportunities both DISH TV and Sling TV possess," said Ergen. "I have every confidence that under Erik's leadership our new organizational structure will deliver value for DISH TV and Sling TV and will aid our entry into wireless."

Carlson joined the company in 1995.

More of What's Trending on TheStreet: