Nextel Investor to Give Up Control, Cut Stake

Craig McCaw is relinquishing control of Nextel Communications Inc., the company he helped build into the fifth-biggest provider of mobile-phone service in the U.S.

McCaw, 53, will reduce his stake in Nextel to less than 5% from more than 10%, losing the right to three of 11 board seats.

Shares of Reston, Va.-based Nextel shares slipped 42 cents, or 3.3%, to $12.47 on Nasdaq.