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Clearwire Promotes COO to CEO

Clearwire LLC (Nasdaq: CLWR) has ended its hunt for a new CEO by moving current COO, Erik Prusch, into the position, as the company looks for at least $600 million more in funding to deploy a faster Long Term Evolution (LTE) technology over parts of its existing network.

Prusch will become president and CEO immediately, supplanting Clearwire's interim leader, John Stanton, who will become the executive chairman of the board of directors. Prusch -- formerly Clearwire's CFO -- has been responsible for the company's day-to-day operations since CEO Bill Morrow left on March 10 this year.

Before joining Clearwire, Prusch served as president and CEO of Borland Software Corp. , where he had previously acted as CFO, heading up the restructuring of the company.

Why this matters
Clearwire needs money -- at least $600 million -- to kick-start its 4G service with a faster Long Term Evolution Time Division Duplex (LTE TDD) overlay. Part of Prusch's job will be to figure out where the Kirkland, Wash.-based company can get funding, as its options seem to be dwindling.

For more
Read up on Clearwire's executive changes and funding hunt:



— Dan Jones, Site Editor, Light Reading Mobile

joset01 12/5/2012 | 4:56:35 PM
re: Clearwire Promotes COO to CEO

Does the fact that he was the restructuring guy at Borland suggest more cuts at CLWR maybe? I can't see what they could do to get cash quick other than a spectrum firesale at this point.

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