McCaw takes wing from Nextel

Cell phone pioneer Craig McCaw resigned from Nextel Communications' board of directors on Wednesday. The wireless services carrier reported that McCaw was leaving the post he has held since 1995 to pursue new opportunities and make room for other board members.

McCaw recently invested in NextNet Wireless, a maker of equipment used to bring high-speed wireless Web access to homes and offices. He first made a name for himself in the telecommunications business by parlaying the sale of his father's cable TV company into communications investments worth billions. He then sold cellular phone and paging companies to AT&T in 1994 for $11.5 billion and invested in a languishing Nextel, which has since become one of the nation's leading wireless services providers. McCaw remains a major shareholder in Nextel and satellite company ICO Global Communications.