Sprint Nextel Corporation (NYSE:S) announced the appointment of retired Admiral Mike Mullen as independent director to the board of directors of the company after the completion of its transaction with SoftBank Corp (TYO:9984) (PINK:SFTBF).
According to the company, Admiral Mullen will also serve as security director of the company. He will be responsible for ensuring that Sprint Nextel Corporation (NYSE:S) complies with the terms of its national security agreement with the United States government. He will serve as the primary contact of the government regarding security-related issues.
Sprint And SoftBank Sign An Agreement
Sprint Nextel Corporation (NYSE:S) and SoftBank Corp (TYO:9984) (PINK:SFTBF) signed a national security agreement with the United States government after the Foreign Investment Committee approved the $20.1 billion merger agreement between the two companies. The Foreign Investment Committee is responsible for evaluating transactions that would affect the national security of the country.
Under the terms of the national security agreement, the United States government has veto power over the equipment purchases of Sprint Nextel Corporation (NYSE:S) in certain situations. The government has the right to appoint a four-member oversight committee to make sure that the two companies stick to national security laws.
In a statement, Dan Hesse, CEO of Sprint Nextel Corporation (NYSE:S) said, “Admiral Mullen is an admired leader with an impeccable record. We are fortunate that a person with his experience, accomplishments and reputation will be a member of our new board.”
Admiral Mullen previously served as the 17th chairman of the United States Joint Chiefs of Staff from 2007 to 2011. He was the highest-ranking officer in the U.S. Armed Forces during his tenure as chairman of the Joint Chiefs of Staff. He was also the principal advisor to the President of the United States.
He also served as the 28th Chief of Naval Operations of the U.S. Navy in 2005 before he became chairman of the Joint Chiefs of Staff. He was the only third naval officer in the history of the Navy appointed in four different four-star assignments including Commander, U.S. Naval Forces Europe and Commander, Allied Joint Force Command Naples, and as the 32nd Vice Chief of Naval Operations. He retired from the Navy after more than 43 years of service.
Admiral Mullen also serves as director of General Motors Company (NYSE:GM). He graduated from the U.S. Naval Academy in 1968.
A native of Los Angeles, he graduated from the U.S. Naval Academy in 1968. Admiral Mullen also serves as a Director of General Motors Company (NYSE:GM).