SBC's Sigman Takes Over at Cingular

ATLANTA-In a not-unexpected shakeup, locally based Cingular Wireless has replaced company president/CEO Stephen Carter with Stan Sigman, a Cingular director and former chief operating officer at Baby Bell SBC.

Carter returns to SBC, which owns 60% of Cingular. Atlanta-based BellSouth owns 40%. The Wednesday move came as Cingular tries to stem its growing loss of subscribers–107,000 in the third quarter alone, the company reports.

More corporate realignments at Cingular are expected before year end, Atlanta telecommunications industry sources tell GlobeSt.com on condition of anonymity. Cingular and SBC officials couldn’t be reached at GlobeSt.com’s publication deadline.

Cingular made news in April of this year when it sold its two-building, two-year-old, 376,000-sf Glenridge Highlands Two complex for $67.5 million or $179.52 per sf, one of the highest per-sf prices paid for a trophy office property in metro Atlanta, local office brokers tell GlobeSt.com.

The buyer was Imperatum Georgia LLC, a subsidiary of Imperatum Holdings Inc., a U.S. corporation which has other subsidiaries involved in commercial real estate in Silicon Valley, CA and in equities, brokerage and institutional financial trading, according to Vince Hughes, director, iCap Realty Advisors, Atlanta. iCap and Barry Real Estate Cos. Inc. brokered the Cingular campus sale.