Michael Sievert, President and CEO of T-Mobile. Photo credit: T-Mobile
T-Mobile US, Inc. has officially completed its merger with Sprint Corporation to create the New T-Mobile, a supercharged Un-carrier that will deliver a transformative 5G network. The parent of the combined company is T-Mobile US, Inc., whose shares of common stock will continue to trade on the NASDAQ Global Select Market under the symbol “TMUS”. The combined company will operate under the name T-Mobile.
The New T-Mobile’s commitment to building the world’s best broad and deep nationwide 5G network, which will bring lightning-fast speeds to urban areas and underserved rural communities alike, is more critical than ever, as reliable connectivity has become so important to Americans. With 14 times more capacity in six years than standalone T-Mobile has today, the New T-Mobile network will be able to offer unmatched value to consumers, with better service at lower prices. The company will also continue to focus on its commitment to customers and being a force for good. The enhanced scale and financial strength of the combined company will drive a planned investment of $40 billion into its network, business and more over the next three years. Synergies achieved from the integration have the potential to unlock massive scale and unleash at least $43 billion in value for shareholders.
The company also announced that with close of the merger, it has successfully completed its long-planned Chief Executive Officer transition from John Legere to Mike Sievert ahead of schedule. Effective immediately, Sievert will assume the role of CEO of T-Mobile. Legere, who served as CEO of T-Mobile since 2012, built a culture around listening to employees, putting the customer first and shaking up the market with signature Un-carrier moves. During his tenure, Legere engineered a turnaround of the company as T-Mobile completely disrupted the wireless industry and became the fastest growing company in wireless, capturing 80% of the industry’s postpaid phone growth from 2013 to today. Legere will continue as a member of the Board of Directors for the remainder of his current term, through the Annual Meeting of Shareholders scheduled in June 2020.
“During this extraordinary time, it has become abundantly clear how vital a strong and reliable network is to the world we live in. The New T-Mobile’s commitment to delivering a transformative broad and deep nationwide 5G network is more important and more needed than ever and what we are building is mission-critical for consumers,” said Mike Sievert, president and CEO of T-Mobile. “With this powerful network, the New T-Mobile will deliver real choice and value to wireless and home broadband customers and double down on all the things customers have always loved about the Un-carrier. T-Mobile has been changing wireless for good — and now we are going to do it on a whole new level!”
Sievert continued, “All of us at T-Mobile owe John an incredible thank you for everything he’s done to get this company to where we are today. He has changed what it means to be a CEO. Everything that T-Mobile has accomplished is the result of his vision for what a different kind of wireless provider could be. John IS what the Un-carrier is all about: advocating for customers at every turn, forcing us to think differently and always driving for more. He has always pushed the boundaries of what’s possible and pushed us to do the same. His leadership has made us what we are today, and we will take that into the future. Thank you, John, for everything you’ve done for wireless consumers and for our beloved employees! I also want to thank Marcelo Claure and the entire Sprint leadership team for their hard work to get us to this huge day! We did it!… and I’m looking forward to welcoming Sprint employees into Team Magenta, and to working with you now as a member of our Board of Directors.”
“The Un-carrier movement started with T-Mobile saying we were going to shake up wireless — and we did! We eliminated annual service contracts, overages and roaming fees, improved customer service and introduced more value. But there’s more. In the best and worst of times, T-Mobile has been here with a dependable network and giving customers best-in-class customer service they can depend on. Today, when those connections are needed more than ever, we are reinforcing everything we’ve stood for as the supercharged New T-Mobile!” said John Legere. “You know T-Mobile has been all about challenging the status quo … and Sprint has a track record of being a tenacious challenger and a dedicated customer advocate as well. So, with innovation, disruption and obsession for the customer experience as the foundation that the New T-Mobile is built on, just imagine what’s to come.”
Legere continued, “I’ve been fortunate enough to lead this company for the past seven years, but now it’s time for me to hand the reins over to Mike Sievert. The Board of Directors and I agree that it makes perfect sense for Mike to assume his leadership role on day one of the new company. He’s ready! I had originally planned to stay on through the end of my contract on April 30, 2020, but it makes much more sense to transition this responsibility to Mike today. Mike was the first person I hired at T-Mobile and I have tremendous faith in his ability to take the Un-carrier into its next SUPERCHARGED chapter. Between his leadership, his expanded and talented leadership team and the amazing people at T-Mobile, the future is SO bright! The Un-carrier that we created started with our employees. Each and every one of them. They are different. They play the game differently, and I love them all. I cannot wait to see what this entire team does next!”