Sprint Nextel Chairman and CEO Gary Foresee has stepped down after two years over overseeing the $35 billion merger. The company announced that CFO Paul Saleh will fill his shoes as acting CEO while the company searches for a new leader. The news comes after both internal and external pressure for a new chief executive following the company's recent lackluster performance.

"The board's search for selecting its next chief executive will focus on candidates outside the company," said a company spokesperson. "We fully expect that the search will be concluded in a timely manner and we are focused on selecting the right candidate to guide the company to achieve its full potential. Sprint Nextel has the assets, spectrum, customer base and technology to be the leader in wireless mobility services."