COO Lauer Exits Troubled Sprint Nextel

Gary Forsee, Sprint Nextel president and chief executive officer, said Lauer's position would not be filled. Instead, Forsee would take over Lauer's duties.

"Len has been an important part of the Sprint team for the past eight years and provided strong leadership and counsel," Forsee said. "We thank him for his many contributions and wish him well."

The company in the second quarter ended June 30 reported a profit of $370 million, a big drop from the $593 million reported the same month a year ago.

In addition, the company signed up significantly fewer subscribers to its wireless service, a key market for the company, than rivals Cingular Wireless and Verizon Wireless.

In the last 12 months, Sprint Nextel stock has fallen by more than 30 percent.