Sprint announced Friday that Adm. Mike Mullen would join the company’s board after its proposed $20.1 billion sale to SoftBank of Japan closes.
Admiral Mullen, 66, who had served as chairman of the Joint Chiefs of Staff from October 2007 to September 2011, would serve as an independent director as well as the company’s security director. He is also on the board of General Motors. His appointment would satisfy one of the concessions that the companies agreed to to win government approval for the merger.
“Admiral Mullen is an admired leader with an impeccable record,†Dan Hesse, Sprint’s chief executive, said in a statement. “We are fortunate that a person with his experience, accomplishments and reputation will be a member of our new board.â€
Spring and SoftBank have been working for months to ease fears of government agencies and lawmakers over national security issues. Some Congressional leaders have expressed concerned about SoftBank’s ties to Chinese telecommunications equipment makers. In addition, Dish Network, which is seeking to wrest Sprint away from SoftBank with a $25.5 billion offer, has mounted an effort to fan worries about a foreign takeover of a major American telecommunications company.
The two companies, however, have been gradually winning the necessary approvals. A special government panel, the Committee on Foreign Investment in the United States, signed off on the deal in late May after both SoftBank and Sprint agreed to a number of concessions, including the appointment of an independent board member responsible for overseeing compliance with national security.
Sprint shareholders must also approve the SoftBank bid. A vote on the transaction is currently scheduled for June 12. The biggest of the proxy advisory firms, Institutional Shareholder Services, has said it supports the proposed sale.
The deal is also subject to a review by the Federal Communications Commission.
