In this Monday, April 30, 2018, file photo, Sprint CEO Marcelo Claure is interviewed on the floor of the New York Stock Exchange. Sprint, in the midst of an attempted $26.5 billion merger with T-Mobile, is shuffling some of its top executives. CEO Marcelo Claure will become executive chairman of the wireless carrier, with Chief Financial Officer Michel Combes succeeding Claure in the top post. (AP Photo/Richard Drew, File) Sprint is having its worst week in almost four years on Wall Street after announcing another attempt at merging with rival T-Mobile.
Shares had already tumbled more than 20 percent on news of the $26.5 billion deal that many see as a longshot. They're not recovering before the opening bell Thursday, after Sprint announced a change in company leadership.
The company said Wednesday that CEO Marcelo Claure is stepping aside from day-to-day operations to become executive chairman at Sprint, and the chief operating officer at Softbank Group Corp., the Japanese company that holds a controlling interest in Sprint.
Chief Financial Officer Michel Combes is the new Sprint CEO.
It is Sprint's biggest sell-off since shares fell 24 percent in August 2014.
Explore further: Sprint names Michel Combes president and financial chief