Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 08/11/1957
Place of birth : Tosu - Japan
Biography : Mr. Masayoshi Son is Chairman at ARM Holdings Plc, Chairman at Supercell Oy, Chairman at Sprint Corp

SoftBank's Son says new Sprint CEO a 'streetfighter', hints at price war

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/08/2014 | 03:53pm CEST

SoftBank Corp's (>> Softbank Corp) billionaire CEO said he chose a "streetfighter" to turn around U.S. carrier Sprint Corp (>> Sprint Corp), which faces an uphill battle for growth after abandoning plans to acquire rival T-Mobile US Inc (>> T-Mobile Us Inc).

SoftBank Corp's (>> Softbank Corp) billionaire CEO said he chose a "streetfighter" to turn around U.S. carrier Sprint Corp (>> Sprint Corp), which faces an uphill battle for growth after abandoning plans to acquire rival T-Mobile US Inc (>> T-Mobile Us Inc).

SoftBank CEO Masayoshi Son also told an earnings briefing on Friday that Sprint had beefed up its network to the point where it could start cutting prices and aggressively woo back subscribers - underscoring analysts' predictions that Sprint may embark on a price war to regain market share.

"Price competition will likely heat up," he said.

Sprint, the No. 3 U.S. mobile carrier, has been losing subscribers as it carries out a much-needed network upgrade. After dropping its bid to acquire T-Mobile US due to regulatory issues, it must now do battle on its own with dominant players AT&T Inc (>> AT&T Inc.) and Verizon Communications Inc (>> Verizon Communications Inc.), as well as the nimbler and fast-growing T-Mobile.

Son said that Sprint's new CEO, Bolivian-born Marcelo Claure, founder of handset reseller Brightstar Corp which was acquired by Softbank in January, had the guts and the experience in building up a company from nothing to take on the carrier's challenges.

"Marcelo is a street fighter," he said. "You look at his face and that's the sort of look he's got. He's got the look of an outlaw ... I'm confident that with him in charge, Sprint will be a very interesting company."

SoftBank, going into its first full financial year with Sprint, Brightstar, and game companies GungHo Online Entertainment Inc (>> GungHo Online Entertainment Inc) and Supercell Oy consolidated on its books, posted a 16 percent drop in first-quarter operating profit on Friday. However, the decline was not as severe as analysts had expected and reflected a large one-off windfall in the year-ago quarter related to its purchase of Gungho.

SoftBank kept its operating profit target for the full year to March 2015 steady at 1 trillion yen (5.83 billion pounds), little changed from last year's result of 1.08 trillion yen.

Analysts have said a price war could be a particularly heavy burden for Sprint, which still faces billions of dollars in further spending to build up its network.

In an indication of the challenges ahead, T-Mobile's Chief Executive John Legere taunted its one-time suitor with a tweet on Thursday that his company would overtake Sprint as the No. 3 carrier in U.S. mobile subscriber numbers by the end of the year.

The declaration came a day after T-Mobile said it surpassed Sprint as the No. 1 wireless provider for prepaid customers, with 15.64 million users, compared with Sprint's 15.19 million.

But Son said on Friday that Sprint was ready to go on the offensive.

"Until now, Sprint didn't have the network to participate much in tough price competition and marketing battles, but now it's ready to move aggressively."

(Editing by Edmund Klamann/Edwina Gibbs/Susan Fenton)

By Teppei Kasai and Yoshiyasu Shida

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about Masayoshi Son 
03/14 MASAYOSHI SON : SoftBank's Son to meet Saudi King Salman on Tuesday in Tokyo
2016 MASAYOSHI SON : SoftBank's Son pledges $50 billion, Foxconn eyes U.S. expansion as Trump woos Asian firms
2016DJMASAYOSHI SON : SoftBank's Son Shifts Gears on Funding for Investments
2016DJMASAYOSHI SON : SoftBank's Son Lays Out Future of Smart Robots, Emotional Cars
2016 MASAYOSHI SON : Japan's Son chased $32 billion ARM deal by the sea in Turkey
2015 MASAYOSHI SON : Son says vice chairman Arora a strong future candidate to lead SoftBank
2014 MASAYOSHI SON : SoftBank's first Sony smartphone deal takes aim at U.S. market
2014 MASAYOSHI SON : SoftBank's Son says new Sprint CEO a 'streetfighter', hints at price war
2014 MASAYOSHI SON : SoftBank to start selling personal robots next year
2013 MASAYOSHI SON : Third point has made no management proposals to SoftBank
2013 MASAYOSHI SON : SoftBank's Son buys Tokyo Tiffany building for $326 million -sources
2013 MASAYOSHI SON : Softbank CEO Son says 'very supportive' of Alibaba's partnership
2013 MASAYOSHI SON : Softbank on track to complete Sprint acquisition by July
2013 MASAYOSHI SON : SoftBank to meet Sprint investors, many eye higher bid
2013 MASAYOSHI SON : Ergen puts chips on Sprint in latest wireless bet
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
04/19DJMARK ZUCKERBERG : Top Company News of the Day
04/19 VINCENT BOLLORÉ : Advisory firms urge Telecom Italia investors to spurn Bollore
04/19DJCHARLES SCHWAB : Top Financial Services News of the Day
04/19DJRUPERT MURDOCH : Bill O'Reilly Won't Return to Fox News Channel -- 2nd Update
04/22DJEVAN GREENBERG : AIG Nears a Selection for CEO -- WSJ
04/21 JACK MA : Netmarble Games raises $2.3 billion in South Korea's second-biggest IPO
04/20 CHARLES SCHWAB : Booming ETFs help BlackRock weather investors' cost-cutting
More news

Popular Business Leaders 
William Ackman Bernard Arnault Max Azria Mary Barra Jeff Bezos Yannick Bolloré Warren Buffett Jean-paul Clozel Gary Cohn Tim Cook Michael Dell David Einhorn Klaus Engel Bill Gates Carlos Ghosn Peter Hancock David Henry Carl Icahn Maurice Lévy Sergio Marchionne Marissa Mayer Lakshmi Mittal Oscar Munoz Rupert Murdoch Elon Musk Peter Nicholas Xavier Niel Robert Peugeot Ferdinand Piëch Georges Plassat Wolfgang Porsche Patrick Pouyanné Alexandre Ricard Urs Rohner Kasper Rorsted Wilbur Ross Charles Schwab Carlos Slim George Soros Ulrich Spiesshofer Rupert Stadler Bernard Tapie Tidjane Thiam François Villeroy De Galhau Axel Weber Thomas Wilson Martin Winterkorn Dieter Zetsche Mark Zuckerberg
A-Z Business Leaders