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Sprint Chairman Donahue to Retire

He will stay with the company until the end of the year.
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Sprint Nextel (S) - Get SENTINELONE, INC. Report said Tim Donahue plans to retire as executive chairman at the end of the year.

The Sprint Nextel board plans to name a new chairman at a later date. Additionally, the big telco named Robert Bennett, the former president and chief executive of

Liberty Media

, to serve on the Sprint Nextel board.

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"I have poured my heart and soul into Sprint Nextel and I am confident that the promise of the merger will be realized," Donahue, 57, said in a statement. "I have been a part of the telecommunications industry for more than 20 years and while it has been a thrilling journey, I am looking forward to spending time with my wife, our family and our friends."

Bennett will join the Sprint Nextel board immediately. He currently serves as president of Discovery Holding, which was spun off from Liberty Media last year.