Kansas City, Mo ? Shares of Sprint Corp. tumbled Wednesday amid reports that longtime chief executive William T. Esrey and his second-in-command were stepping down.

The Wall Street Journal, citing unnamed sources, reported on its Web site that Esrey, 63, and Ron LeMay, president and chief operating officer, were leaving the company. The Journal also said that Gary Forsee, vice chairman at BellSouth Corp. and a former Sprint executive, is expected to take the top job at Sprint.

The Overland Park, Kan., company would not comment on the reports, which sent shares of Sprint FON, the company’s wireline stock, falling $1.17, or 8.9 percent, to $11.98 in trading on the New York Stock Exchange. Shares of its wireless stock, PCS, fell 23 cents, or 6 percent, to $3.50. Shares of BellSouth were up 19 cents to $22.57.

Esrey’s resignation has been expected since Sprint announced in November that he was undergoing chemotherapy treatment after being diagnosed with lymphoma. Analysts, however, were surprised by the report that LeMay was leaving.

“Ron LeMay, as far as I’m concerned, would be a great choice for the company. If he’s stepping down, then there has to be a reason for it,” said Rick Black, an industry analyst with Blaylock & Partners.

Independent analyst Jeff Kagan said Sprint’s silence on the matter left investors uncertain about the company’s future.

“Why wouldn’t they choose LeMay is my big question mark,” Kagan said.

Esrey was elected chief executive officer of Sprint in 1985 and chairman in 1990.

LeMay, who joined Sprint in 1985 as vice president and general counsel for the United Telephone System, was appointed president and chief operating officer in February 1996.

In the 1990s, Forsee led Sprint’s long-distance division and is credited with its fast growth. In 1998, he was named chief executive of Global One, a failed international joint venture between Sprint, France Telecom and Deutsche Telekom. Forsee left that job in 1999 and joined BellSouth.

Kagan wondered why Forsee would now leave BellSouth for Sprint. He said it could be the two companies plan to merge or that Sprint offered Forsee a great deal of money.

“In my wildest dreams I never would have imagined that Forsee would be able to be sucked back into a company that’s shrinking,” Kagan said.

Sprint, the nation’s third largest long-distance provider and fourth-largest wireless provider, has laid off more than 15,000 employees since October 2001.

During the third quarter that ended Sept. 30, Sprint reported earnings of $519 million, compared to a loss of $134 million in the same quarter a year earlier. The company, which is expected to report fourth quarter earnings next week, reaffirmed its previous guidance for the quarter.

In December, Sprint said it expects earnings per share of 37 cents to 39 cents for its long-distance division. For all of 2002, earnings per share are expected to be $1 to $1.35 on revenues of $15.2 billion, compared with revenues of $16.92 billion in 2001.