Frontier Communications Corp. (OTC: FTRCQ) says Vodafone UK CEO Nick Jeffery will leave his current post to become Frontier’s president and CEO effective March 1, 2021. Jeffery will replace Bernie Han in those roles at the bankrupt U.S. communications services provider. Han will remain in place until March 1, 2021, then hang on to his seat on Frontier’s board of directors until the company emerges from Chapter 11, at which point Jeffery will join the board.
Jeffrey’s upcoming hire came as part of Frontier’s Restructuring Support Agreement, which called for the creation of a four-person search committee to evaluate the company’s leadership requirements, including a potential new CEO. The communications provider says Jeffery’s name was put before the board after what it called “a comprehensive review of both internal and external candidates, and with the assistance of a leading executive search firm and two additional noteholder representatives.” The board approved his hiring unanimously.
Jeffery, who has almost 30 years of industry experience, comes to one company in need of a turnaround from another. Jeffery recently led “one of Vodafone Group Plc’s largest businesses through a successful four-year customer-centric turnaround and transformation,” according to Frontier.
“We are pleased to commence the next phase in our ongoing transformation as we prepare for emergence from Chapter 11 by announcing our intent to name Nick Jeffery as our next CEO,” stated Robert Schriesheim, chairman of the Finance Committee of the board. “As part of a leadership transition, we previously announced that John Stratton would be named Executive Chairman upon emergence from Chapter 11. Concurrently, the search committee was already fully engaged in evaluating the management needs of Frontier. We are now at a point of natural evolution in our transformation and, following a rigorous process, the search committee concluded that Nick is the right CEO to lead Frontier through its next phase of investment and profitable growth.”
“I am honored to be appointed Frontier’s next CEO, and I am excited to lead the company in its next phase,” added Jeffery. “Frontier owns a unique set of assets and maintains a competitive market position. My immediate focus will be on serving our customers as we enhance the network through investments in our existing footprint and in adjacent markets while building operational excellence across the organization. I am committed to delivering world-class customer service. I look forward to speaking and meeting with our employees while working with Bernie, the Board, and leadership team to ensure a seamless transition.”
Schriesheim also expressed confidence that Frontier would emerge from Chapter 11 early next year (see "Frontier Communications files petition for Chapter 11 bankruptcy").
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