KIRKLAND, Wash.--(BUSINESS WIRE)--Mar. 9, 2009--
Clearwire Corporation (NASDAQ:CLWR), a leading provider of wireless
broadband services, today announced that its board of directors has
moved to broaden and enhance the company’s leadership team by naming
telecom industry veteran William (Bill) T. Morrow, 49, as CEO. Joining
Clearwire today, Morrow brings nearly 30 years of operational management
experience in the communications services industry. Co-Founder and
current CEO Benjamin G. Wolff will continue with the Company as
Co-Chairman, a position he will share with current Chairman Craig O.
“Bill Morrow has developed a global reputation in the telecommunications
industry as a highly regarded executive with an extraordinary track
record of success in U.S., Europe and Japan. Years of experience in key
positions with great companies such as AirTouch and Vodafone have given
Bill a great perspective on achieving operating efficiencies and
enhancing value creation to profitably build and scale businesses,” said
Craig O. McCaw, Founder and Chairman. “This experience, coupled with his
outstanding leadership capabilities, makes Bill the perfect choice to
lead Clearwire. I have every confidence that he has the capability,
intelligence and dedication to inspire the exemplary team at Clearwire
to fulfill the dream of making the power of the Internet truly mobile.”
McCaw continued, “Ben Wolff has routinely made the impossible, possible.
He has been instrumental in leading the company from its inception to
the point that it is at today, raising more than $6 billion in equity
and debt financing, structuring partnerships with key industry leaders,
and building and operating the world’s largest multi-megabit wireless
broadband network spanning four countries and serving nearly 500,000
customers. I can’t say enough great things about Ben both as a person
and a leader. He also has the wisdom and foresight to recognize that in
these unprecedented times, a company can’t have too much talent.
Together, we have recruited Bill Morrow to lead the Clearwire team. As
Co-Chairman, now Ben will be able to dedicate more of his time to
Clearwire’s strategic direction and transactional opportunities.”
“The chance to lead Clearwire at a time when the company sits on the
cusp of doing something truly remarkable – to change the way people
connect to and use the Internet – was not one to be missed,” said
Morrow. “Clearwire’s business model and unique assets have us well
positioned to meet the rapidly growing demand for mobile broadband
services. I’m excited at the prospect of working with everyone at
Clearwire as we execute our plan to build a mobile WiMAX network
covering up to 120 million people in more than 80 markets by 2010.”
Morrow brings to Clearwire a global track record of success in corporate
leadership positions in Europe, Japan and the U.S. He recently served as
President and CEO of Pacific Gas & Electric in San Francisco where he
oversaw operations and successfully directed an overhaul aimed at
improving the company’s efficiency, supply chain and customer focus.
Prior to PG&E, Morrow served in a number of senior executive positions
at international mobile communications group Vodafone Ltd. and Vodafone
Group PLC, including Chief Executive Officer of Vodafone, Europe, Chief
Executive Officer of Vodafone UK Ltd. and President of Vodafone KK in
Japan. He also served as President of Japan Telecom Co. and held senior
executive positions with wireless telecommunications carrier AirTouch
“I am looking forward to working with Bill, the board of directors and
the rest of the Clearwire team, as we strive to realize the full
potential of the business opportunity in front of us,” said Wolff. “It
is hard to imagine a person that could be better suited than Bill to
lead the company into its next phase of growth.”
As Co-Chairman, Wolff will focus on Clearwire’s strategic and financing
opportunities. In addition, he will continue to serve on the Executive
Committee and board of CTIA, and he will also continue in his role as
President of Craig O. McCaw’s investment company, Eagle River.
Clearwire Corporation (NASDAQ:CLWR) offers a robust suite of advanced
high-speed Internet services to consumers and businesses. The company is
building the first, nationwide 4G mobile Internet wireless network,
bringing together an unprecedented combination of speed and mobility.
Clearwire's open all-IP network, combined with significant spectrum
holdings, provides unmatched network capacity to deliver next-generation
broadband access. Strategic investors include Intel Capital, Comcast,
Sprint, Google, Time Warner Cable, and Bright House Networks. Clearwire
currently provides mobile WiMAX-based service, to be branded Clear™, in
two markets and provides pre-WiMAX communications services in 50 markets
across the U.S. and Europe. Headquartered in Kirkland, Wash., additional
information about Clearwire is available at www.clearwire.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements which are based on
management’s current expectations and beliefs, as well as on a number of
assumptions concerning future events made with information that is
currently available. Forward-looking statements may include,
without limitation, management’s expectations regarding: future
financial and operating performance and financial condition;
development, network and market launch; strategic plans and objectives;
industry conditions; the strength of the balance sheet; and liquidity
and financing needs. Readers are cautioned not to put undue
reliance on such forward-looking statements, which are not a guarantee
of performance and are subject to a number of uncertainties and other
factors, many of which are outside of Clearwire's control, which could
cause actual results to differ materially and adversely from such
statements. Some factors that could cause actual results to
We are an early-stage company and we expect to realize significant
net losses for the foreseeable future.
We may fail to realize all of the anticipated benefits of the
transactions with Sprint Nextel Corporation and our strategic
Our business plan will require us to raise substantial additional
financing both in the near term and long term, and if we are unable to
raise such financing we may need to modify our business plan
accordingly, such as making material adjustments to our current
network expansion plans, including potential delays in the timing or
decreases in the scope of expansion.
We are committed to using commercially reasonable efforts to deploy
wireless broadband networks based solely on mobile WiMAX technology,
even if there are alternative technologies available in the future
that are technologically superior or more cost effective.
We currently depend on our commercial partners to develop and
deliver the equipment for our pre-WiMAX and mobile WiMAX networks.
Many of our competitors are better established and have
significantly greater resources, and may subsidize their competitive
offerings with other products and services.
Our substantial indebtedness and restrictive debt covenants could
limit our financing options and liquidity position and may limit our
ability to grow our business.
Sprint Nextel Corporation controls a majority of our combined
voting power, and may have, or may develop in the future, interests
that may diverge from other stockholders.
Future sales of large blocks of our common stock may adversely
impact our stock price.
Future performance cannot be assured. Actual results may differ
materially from those in the forward-looking statements due to a variety
of factors, including, but not limited to the risks referenced in the
section of Clearwire’s proxy statement/prospectus entitled “Risk
Factors,” which was filed on Form S-4 with the Securities and Exchange
Commission (File No. 333-153128).
Clearwire believes the forward-looking statements in this release are
reasonable; however, you should not place undue reliance on
forward-looking statements, which are based on current expectations and
speak only as of the date of this release. Clearwire is not obligated to
publicly release any revisions to forward-looking statements to reflect
events after the date of this release.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5913130&lang=en
Source: Clearwire Corporation
Clearwire Media Relations
Susan Johnston, 425-216-7913
Mary Ekman, 425-216-7995
Partners for Clearwire / Media Relations