Frontier Communications Announces CEO Transition

Rhea-AI Summary

Frontier Communications Corporation (OTC: FTRCQ) announces the appointment of Nick Jeffery as the new President and CEO, effective March 1, 2021. He succeeds Bernie Han, who will remain on the Board to assist with the transition. Jeffery, with nearly 30 years of experience in telecommunications, previously led Vodafone UK through a successful turnaround, achieving revenue growth and improved customer satisfaction. The appointment follows a thorough search process by a committee comprising noteholders and Board members.

Positive

• Nick Jeffery has extensive industry experience with a successful track record at Vodafone UK.
• Jeffery's leadership is expected to bring operational improvements and revenue growth.

Negative

• None.

Frontier Communications Corporation (OTC: FTRCQ) (“Frontier”) announced today that it intends to appoint Nick Jeffery as the Company’s next President and Chief Executive Officer, effective March 1, 2021, following the expiration of his notice period with Vodafone UK. Mr. Jeffery will succeed Bernie Han, who will step down as President and Chief Executive Officer on March 1, 2021. Mr. Han will remain on the Company’s Board of Directors (the “Board”) and guide the CEO transition until emergence from Chapter 11, at which point Mr. Jeffery will join the Board.

Nick Jeffery will be appointed President and Chief Executive Officer of Frontier Communications, effective March 1, 2021, succeeding Bernie Han.

In connection with Frontier’s Restructuring Support Agreement, a search committee was formed consisting of four individuals, including two individuals designated by the Company’s noteholders and two current Frontier Board members, to evaluate the Company’s leadership needs including a potential CEO succession process. Following 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 search committee recommended and the Board unanimously voted its intent to appoint Mr. Jeffery as the Company’s next CEO.

Mr. Jeffery brings nearly 30 years of operational expertise and leadership in the telecommunications industry. Most recently, he served as CEO of Vodafone UK, a leading wireless and wireline operator, overseeing one of Vodafone Group Plc’s largest businesses through a successful four-year customer-centric turnaround and transformation. During his tenure, Vodafone UK returned to revenue and market share growth and achieved improvements to its net promoter score, churn and wider customer and employee satisfaction. Vodafone UK also reduced its operating expenses, delivered significant EBITDA growth, increased its free cash flow and became the fastest growi

FAQ

Who is the new CEO of Frontier Communications (FTRCQ)?

Nick Jeffery will become the new CEO of Frontier Communications, effective March 1, 2021.

When will Nick Jeffery officially start as CEO of Frontier Communications?

Nick Jeffery will officially start as CEO on March 1, 2021.

What position will Bernie Han hold after stepping down as CEO of Frontier?

Bernie Han will remain a member of the Board of Directors after stepping down as CEO.

What experience does Nick Jeffery bring to Frontier Communications?

Nick Jeffery has nearly 30 years of operational expertise in telecommunications, including serving as CEO of Vodafone UK.

Why was a new CEO appointed at Frontier Communications?

A search committee was formed to assess leadership needs, resulting in the unanimous decision to appoint Nick Jeffery.