AT&T;’s Wireless Unit Chief Resigns

AT&T; Corp. is losing the executive who ran its wireless business since 1997 but was passed over for the top slot of the wireless company AT&T; is creating with an initial offering of a tracking stock. Daniel Hesse, 46, said he is leaving the telecommunications giant to join start-up TeraBeam Networks Inc. of Seattle as president and chief executive. The privately held company is planning to provide high-speed Internet connections with a combination of wireless and optical technologies, two of the hottest sectors in the Internet boom. Hesse’s decision to leave wasn’t a shocker, even though he will be sacrificing guaranteed riches in what may be the biggest initial public offering in history. Mohan Gyani, who was hired from AirTouch Communications in December as the chief financial officer of the new AT&T; Wireless Group, will succeed Hesse as president and chief executive of the group’s core mobile phone business. AT&T; closed off 38 cents at $52.63 on the New York Stock Exchange.