Reuters- Activist investor Ralph Whitworth of Relational Investors LLC is in advanced discussions to take a seat on the board of Sprint Nextel Corp (S.N), according to the Wall Street Journal Web site, citing people familiar with the matter.
The story was first reported on the Financial Times Web site on Monday. Relational Investors has a 1.9 percent stake in Sprint and has been pressing for strategic change at Sprint as the U.S. No. 3 wireless operator has lost market share in recent months.
Last October, Whitworth threatened a proxy battle unless Sprint dealt with its leadership. Gary Forsee stepped down as Sprint chief executive later that month to be replaced by Dan Hesse last December.
