Brightspeed Appoints Christie Grumbos as Chief Financial Officer

Rhea-AI Summary

Brightspeed has appointed Christie Grumbos as Chief Financial Officer, effective immediately. Reporting to CEO Bob Mudge, she will oversee finance, accounting, and treasury operations, and lead capital planning for the company's ambitious $2 billion fiber optics transformation strategy. Grumbos has over 25 years of experience in finance, having served as CFO at Terminix and held senior roles at Vivint Smart Homes and Windstream Holdings. Brightspeed aims to extend high-speed internet service to three million households across multiple states, addressing the digital divide.

Positive

• Christie Grumbos brings over 25 years of financial experience, potentially enhancing financial strategy and execution.
• The company's plan to invest $2 billion in a fiber optics transformation could lead to significant improvements in service reliability and coverage.

Negative

• Concerns may arise regarding continuity and the experience gap following a recent leadership change.

CHARLOTTE, N.C., Dec. 1, 2021 /PRNewswire/ -- Brightspeed today announced the appointment of Christie Grumbos as Chief Financial Officer, effective immediately. Reporting to Chief Executive Officer Bob Mudge, Ms. Grumbos is responsible for all finance, accounting, and treasury operations, in addition to directing capital planning and investment initiatives as Brightspeed executes on its planned $2 billion fiber optics transformation strategy.

Ms. Grumbos brings more than 25 years of financial, operational, and leadership experience at premier global, consumer-focused companies. She most recently served as Chief Financial Officer of Terminix's Residential business, while also overseeing the long-term corporate development and strategy for the business as Senior Vice President of Mergers and Acquisitions. Prior to Terminix, she held senior finance roles at Vivint Smart Homes and Windstream Holdings. Previously, she served in corporate strategy and finance leadership positions at Wal-Mart Stores, Inc., most recently as Senior Director and Divisional Chief Financial Officer of Sam's Club Mexico.

"Christie is an outstanding executive with deep experience developing and implementing financial and strategic initiatives that position businesses for long-term growth," said Mr. Mudge. "We are pleased to welcome her to the Brightspeed team. As we develop the organization and capabilities needed to create a next-generation telecom and connectivity business, Christie will play a critical role in defining our financial roadmap for success."

Brightspeed previously announced plans to invest more than $2 billion to build a network that will bring faster, more reliable Internet and Wi-Fi to communities throughout the Midwest, Southeast, and certain parts of Pennsylvania and New Jersey. The company's planned fiber optics transformation is expected to reach up to three million homes and businesses over the next five years, including in many places where fiber and advanced technology have not historically been deployed.

"I am thrilled to join Brightspeed at this pivotal point in its journey to help bridge the digital divide," said Ms. Grumbos. "I look forward to working closely with Bob and the entire leadership team to drive financial and process rigor and to achieve top-line revenue growth in pursuit of Brightspeed's mission of reimagining and delivering the fastest and most reliable connections for our customers."

Brightspeed will initially be comprised of the incumbent local exchange carrier (ILEC) assets and associated operations of Lumen Technologies (NYSE: LUMN) across 20 states, which are the subject of a pending acquisition by Apollo-managed funds (NYSE: APO).

For more information about Brightspeed, please visit the company's website, www.brightspeed.com.

About Brightspeed

Headquartered in Charlotte, N.C. and expected to have assets and associated operations in 20 states, Brightspeed will provide broadband and telecommunications services through a network platform that serves more than six million homes and businesses. The company aims to bridge the digital divide by deploying a state-of-the-art fiber network and a customer experience that makes staying connected simple and seamless. For more information about Brightspeed, please visit the company's website, www.brightspeed.com.

Media

Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
pr@brightspeed.com

View original content:https://www.prnewswire.com/news-releases/brightspeed-appoints-christie-grumbos-as-chief-financial-officer-301435517.html

SOURCE Brightspeed

FAQ

Who is the new CFO of Brightspeed?

Christie Grumbos has been appointed as the Chief Financial Officer of Brightspeed.

What is Brightspeed's investment plan?

Brightspeed plans to invest over $2 billion in a fiber optics transformation strategy aimed at enhancing internet connectivity.

What are the goals of Brightspeed's new CFO?

Christie Grumbos aims to drive financial growth and support the company's mission to deliver reliable internet connections.

When did Christie Grumbos start her role at Brightspeed?

Christie Grumbos started her role as Chief Financial Officer on December 1, 2021.

How many states will Brightspeed operate in?

Brightspeed will operate in 20 states across the Midwest, Southeast, and parts of Pennsylvania and New Jersey.