Hockaday to leave Sprint Nextel board

Irvine O. Hockaday, Jr., the retired president and CEO of Hallmark Cards, is leaving Sprint Nextel.

Hockaday has notified the company that he will not stand for re-election at the next annual shareholder’s meeting on May 12.

This was Hockaday’s decision and not the result of any request coming from Sprint, stated a company spokesman. Or as Sprint stated in a document filed today with the Securities and Exchange Commission, “His decision is not as the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.”

Hockaday, 72, has served on Sprint’s board since June 1997.

While Sprint does not have a mandated retirement age for directors, Hockaday said in an interview that it is important for board members to take the initiative when the timing is right.

“It seemed appropriate for me to set an example in the absence of a retirement age and depart, which is what I am doing,” Hockaday said.

Hockaday also is on the boards of Ford Motor Co., Estee Lauder and Crown Media. In the case of each of those boards, Hockaday said, he has been asked to continue serving.

At Sprint, Hockaday said, he has been involved in the recruitment of nearly every remaining board member, as well as Dan Hesse, Sprint’s CEO.

While Sprint has experienced its share of challenges and then some in recent years, Hockaday said he is confident that it has the right leadership and the right strategy in place to improve.

“Dan Hesse is absolutely the right person, doing every conceivable thing in a difficult environment that needs to be done,” Hockaday said. “I feel very positive about where the company is.”

Sprint is not necessarily prepared to name a new director immediately to fill Hockaday’s seat. The company is expected to file documents soon concerning its upcoming annual meeting where, among other things, board members will be elected.

“We are always looking for people with skill sets that we think can add something to the board,” said James Fisher, a Sprint spokesman. “We add as we identify people.”