RESTON, Va. -- Sprint Nextel announced today that Gary Forsee is stepping down as the company's chairman, president and chief executive officer (CEO), effective immediately. A committee of the Sprint Nextel Board of Directors has been formed and is conducting the search for a new CEO.

James Hance, Jr., a member of the Board of Directors, will assume the role of acting non-executive chairman of the Board. Paul Saleh, current chief financial officer of Sprint Nextel, will serve as acting CEO until a permanent replacement for Forsee is named. With Hance serving in the position of non-executive chairman, the position of lead independent director, held by Irvine Hockaday, will be combined with that role. Hockaday will remain a member of the Board.

"On behalf of the entire board and the Sprint Nextel employees, we want to thank Gary for his dedication and leadership and all of the contributions he has made since becoming chief executive of Sprint in 2003," said Hockaday.

Sprint Corp. (NYSE: S)