NEW YORK (AP) — Sprint's new owner is replacing its longtime CEO after dropping its bid for rival wireless carrier T-Mobile US.

A Sprint store in n Fort Lauderdale, Florida.(Joe Raedle/Getty Images)

Sprint says CEO Dan Hesse will be replaced on Monday by the CEO of Brightstar Corp., Marcelo Claure.

Brightstar is the world's largest distributor of cellphones. It's part of Softbank Corp. of Japan, which bought 70 percent of Sprint last year.

The Wall Street Journal reported yesterday that Sprint had decided not to pursue a merger with T-Mobile. The merger of the No. 3 and No. 4 U.S. carriers would have faced tough opposition from U.S. regulators, who want to preserve competition among wireless carriers.

In a statement today, the CEO of Softbank and chairman of Sprint said the company's focus has shifted away from acquisitions.

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