Wireless broadband networks company Clearwire Corp. (CLWR) Monday said that Erik Prusch will join the company as Chief Financial Officer, succeeding David Sach, who will leave the company to pursue new opportunities. The company also announced the appointment of Teresa Elder as President of Strategic Partnerships and Wholesale.
Teresa will report to the company's Chief Commercial Officer Mike Sievert and serve as a member of the executive committee of recently named Chief Executive Officer William Morrow. Clearwire said that the two new appointments to its executive team will lead the company's expansion efforts and execute on its plans to deploy its 4G WiMAX network across the U.S.
Prusch will be responsible for the company's accounting, finance, tax, reporting and investor relations functions. Throughout his career, he has successfully enabled businesses through periods of rapid growth, operational scaling, and expansion financing, Clearwire noted.
Most recently, Prusch was President and Chief Executive Officer of Borland Software. There, he also served as Chief Financial Officer, leading the restructuring of the company and returning the business to profitability.
Prior to Borland, Prusch was Vice President of Finance in Intuit's (INTU) Turbo Tax division. Before joining Intuit, he served as Chief Financial Officer of Identix Inc, prior to which he served as Vice President and Chief Financial officer, Finance and Operations at Gateway Computers, Inc. He began his career at Touche Ross and PepsiCo (PEP).
Teresa, who assumes the newly created position of President of Strategic Partnerships and Wholesale, will oversee Clearwire's wholesale operations. This includes the services sold by the company's strategic investors using Clearwire's 4G WiMAX network. Most recently, Elder was Chief Executive officer of Vodafone, Ireland, a wholly owned subsidiary of Vodafone Group Plc (VOD,VOD.L).
Before joining Vodafone, Teresa served as President, West of AT&T Broadband, which is now part of Comcast (CMCSA). In this role, she was responsible for seven million customers, more than $4 billion in annual revenues, and led a team of 15,000 employees. Prior to that, Teresa was Senior Vice President, West at MediaOne Group, and Vice President, Operations - National Markets at MediaOne.
Clearwire also said that Chief Strategy Officer Scott Richardson will leave the company, but continue to serve as a strategic advisor. The company also stated that Morrow will oversee strategy for the company, and Sievert will oversee product development.
The rest of its senior leadership team remains unchanged. Mike Sievert will remain as Chief Commercial Officer and John Saw as Chief Technology Officer. Gerard Salemme will continue as Executive Vice President - Strategy, Policy and External Affairs. While Broady Hodder will remain as General Counsel, Kevin Hart will continue as Chief Information Officer. In addition, the company said that Scott Hopper will remain as Senior Vice President of Corporate Development, Laurent Bentitou as Chief People Officer, and Barry West as President, International. All these executives will report to Morrow.
For the recently closed second quarter, Clearwire reported a net loss attributable to the company of $73.4 million or $0.38 per share, compared with a loss of $74.6 million or $0.40 per share last year. Revenue was up 9% to $63.6 million from $58.6 million in the prior-year quarter.
CLWR is trading at $7.89, up $0.08, on a volume of 373,240 shares.
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