T-Mobile Stock Drops as New CEO Announced. Here’s Who Will Lead the Telecoms Giant.

T-Mobile is getting a new chief executive as Mike Sievert, who has led the company since April 2020, moves to a newly created role as vice-chairman.

Key Points

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• T-Mobile shares fell 1.2% in premarket trading after the announcement of a new CEO.
• Srini Gopalan, T-Mobile’s current COO, will succeed Mike Sievert, who has been CEO since April 2020.
• Sievert will transition to the newly created position of T-Mobile vice-chairman.

T-Mobile stock dropped in premarket trading Monday as the company announced that Srini Gopalan will be the next CEO of the telecommunications giant.

Shares of T-Mobile US shed 1.2% in the New York premarket, underperforming futures tracking the S&P 500 index, which were down just 0.3%.

Investors were digesting news before the opening bell that Gopalan, the current chief operating officer of T-Mobile, would take the reins from Mike Sievert, who has led the company since April 2020.

Gopalan joined the telecoms company in March and was previously an executive at Deutsche Telekom , T-Mobile’s controlling shareholder.

“T-Mobile is better, stronger and faster today than when Mike took the helm nearly six years ago,” Gopalan said in a statement. “I am so thankful for Mike’s partnership and mentorship and am committed to building on his legacy of putting the customer first—while disrupting the industry—as we continue to scale our winning Un-carrier strategy.”

Sievert will move to a newly created role as T-Mobile vice-chairman following the succession.