Leap COO exits, position to be eliminated

Reuters News
Posted: Jul 16, 2012 11:20 AM
Leap COO exits, position to be eliminated

By Himank Sharma

(Reuters) - Leap Wireless International <LEAP.O> terminated its COO's contract and the low-cost mobile services provider said it was not looking to hire a replacement.

Leap shares, which have lost over 56 percent of their value over the past 12 months, were down 7 percent at $6.06 late morning on the Nasdaq.

The announcement, which came through a regulatory filing, did not specify why Chief Operating Officer Raymond Roman was leaving, but the company termed his exit as "mutually agreed upon."

"We do not currently have any plans to replace him. The areas of the business that he oversaw will be divided up among other members of our executive leadership team," Leap spokesperson Greg Lund told Reuters.

Roman was responsible for supply chain management, device selection, enterprise program management and LTE roll-out, among other things.

Leap, which provides mobile services under the Cricket brand, said Roman would continue in a consulting role with the company through the end of the year and will receive $495,000 in severance pay.

Roman's exit comes six months after Leap's chief financial officer left the company.

Roman, had joined the regional operator in February 2011, and had earlier worked with Dell Inc <DELL.O> and Motorola.

(Reporting by Himank Sharma in Bangalore, Additional reporting by Sinead Carew in New York; Editing by Sreejiraj Eluvangal)