Sprint Spinning Off Local Phones

The new unit is called Embarq.
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Sprint

(S) - Get Report

has named its local phone business Embarq and says it expects to carve out the unit this spring.

The spinoff will trade on the

NYSE

under the symbol EQ. Sprint says its local division has $6 billion in annual sales and operates 7.4 phone lines, making it the fifth-largest local phone company.

Dan Hesse, former chief of wireless gear shop Terabeam and onetime head of AT&T Wireless, will take the CEO job.

"This is a company that will be aggressive and innovative in the marketplace, and the new name and logo -- with its distinctive and differentiating coloration -- is the brand we want customers to remember," Hesse said in a press release. The logo is green.

Sprint shares rose 19 cents to close at $23.08 Wednesday.