Clearwire (Nasdaq: CLWR), looking to escape a financial morass that continually threatens to swallow the company, has named John Stanton chairman of the board to replace Craig McCaw.
Stanton, who's been a director with Clearwire since 2008, is expected to infuse some money management skills thanks to his background as managing director of private investment firm Trilogy International Partners. Stanton also has experience in building and running a wireless operation since he was chairman-CEO of Western Wireless up to and including its acquisition by Alltel and chairman of VoiceStream Wireless, which many now know as T-Mobile USA.
Clearwire can use all the help it can get. While the company is majority owned by Sprint (NYSE: S) and partners like Comcast (Nasdaq: CMCSA), Time Warner Cable (NYSE: TWC-WI) and Bright House Networks, it has been essentially left on its own to find working capital as well as funds to continue to build out a nationwide 4G WiMAX network even as the competition from more conventional LTE 4G closes in all around.
For more:
- see this news release
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