Bloomberg News

Leap’s Stock Drops After Operating Chief Steps Down

July 16, 2012

Leap Wireless International Inc. (LEAP:US) shares declined the most in more than a month after the company said it’s terminating the employment of Chief Operating Officer Raymond Roman.

Roman will step down as operating chief immediately and his employment will cease on July 31, the San Diego-based company said today in a filing.

Leap’s stock fell 3.9 percent to $6.25 at the close in New York, the biggest decline since June 1. The shares have fallen 33 percent this year.

Leap, a pay-as-you-go wireless-service provider, has seen sales growth stall as it struggles to keep up with the major carriers. The company is counting on Apple Inc.’s iPhone, which it began offering last month, to help attract more customers.

To contact the reporter on this story: Scott Moritz in New York at smoritz6@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


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