Sprint names new CEO, drops T-Mobile bid

NEW YORK – Sprint’s new owner is replacing its longtime CEO with a Bolivian billionaire and entrepreneur after dropping its bid for rival wireless carrier T-Mobile US. Marcelo Claure, the CEO of Miami-based cellphone distributor Brightstar, will replace Dan Hesse on Monday, Sprint Corp. said Wednesday.

Claure, 43, had been CEO of Brightstar Corp., which is part of Softbank Corp. of Japan.