Troubled telecoms giant Sprint Nextel has tapped wireless industry veteran Daniel Hesse as president/CEO to replace Garry Forsee, who stepped down in October.

Sprint Nextel suffered major financial losses this year, posting a $500 million year-over-year drop in revenue to $10 billion in the third quarter. Net income fell by 77 percent year-over-year due to the poor performance of the company's wireless business, which saw a net decline of 60,000 total wireless subscribers during the third quarter.

Among areas for improvement, Sprint Nextel board members stated that the company needs to hone its strategy, improve customer relations and execute in the marketplace.

The 54-year-old Mr. Hesse said in a speech that he plans to review every aspect of Sprint Nextel's strategy with the intent to lead Sprint to the forefront of the wireless industry.

Mr. Hesse also joined Sprint Nextel's board of directors.

Previously chairman and president/CEO of Embarq Corp. since its inception in 2006, Mr. Hesse also served as CEO of Sprint's local telecommunications division for a year before the launch of Embarq.

Mr. Hesse spent 23 years at AT&T, and was president/CEO of AT&T Wireless Services from 1997 to 2000.

While Mr. Hesse was CEO, AT&T Wireless became the nation's largest wireless carrier.