Sprint Nextel Chairman Donahue Stepping Down

agreed to merge.

Donahue, 57, had worked at Nextel before the acquisition in which Sprint became the dominant player. Donahue, who noted he has worked in the telecommunications industry for more than 20 years, said he is looking forward to spending more time with his family

"I have poured my heart and soul into Sprint Nextel and I am confident that the promise of the merger will be realized," said Donahue in a statement. In recent months, Sprint Nextel stock has dropped more than 25 percent.

No replacement for the chairman's post has been named. However, Donahue's spot on the Sprint board will be filled by Robert Bennett. Bennet formerly was president and chief executive officer of Liberty Media Corp., Sprint Nextel said.