CommScope Holding Co., Inc. (NASDAQ: COMM) has announced several changes at the highest levels of management. The connectivity technology vendor says that President and CEO Eddie Edwards will step down, with Charles “Chuck” Treadway appointed his successor and member of the CommScope board. That board also will have new leadership, with founder and Chairman Frank M. Drendel becoming Chairman Emeritus. Drendel will remain on the board but be replaced in the chairman role by present independent director Bud Watts.
Treadway comes to CommScope from Accudyne Industries, where he is CEO. In fact, Treadway has held a CEO position for 17 of the most recent 20 years of his career. He also has worked at Thomas & Betts, Schneider Electric S.A., Prettl International, Inc., and Yale Security, Inc.
“I’m excited to join CommScope, a company with a legacy of innovation and industry leadership,” said Treadway. “I have great respect for all that CommScope has accomplished throughout its rich history and for the team’s relentless focus on delivering for customers while aggressively managing its cost structure during these recent challenging times. The COVID-19 pandemic has highlighted the importance of reliable network connectivity and the need for products and services that will continue to push the boundaries of reliability, efficiency, and collaboration for customers around the world. I look forward to working alongside the entire CommScope team to drive growth, operational excellence, and value for all our stakeholders.”
Watts joined the CommScope board of directors in 2011 and most recently was lead independent director. He will now join the company as an employee. Timothy T. Yates will step in as the new lead independent director.
“On behalf of the Board and entire management team, I want to sincerely thank Eddie for his many years of dedicated service to CommScope,” commented Watts. “As CEO over the last decade, he has reshaped the Company’s portfolio [see, for example, "CommScope pulls trigger on TE Connectivity Broadband Network Solutions buy" and "CommScope closes ARRIS acquisition"], enhanced our reach into growing markets, and driven the introduction of industry-leading technologies that position the company squarely at the center of the 5G revolution. Eddie’s leadership has been instrumental in building the strong foundation from which CommScope can forge ahead, and his impact on the company will be felt for many years to come. We will all miss him. We wish Eddie the best as he moves into his retirement years and enjoys the well-deserved opportunity to spend more time with his growing family.”
The company also reaffirmed its 3Q20 guidance originally provided on August 6, 2020. CommScope management expects sales and non-GAAP adjusted EBITDA to improve modestly compared to the second quarter.
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