Ribbon Communications Appointing John Townsend as Chief Financial Officer

Rhea-AI Summary

Ribbon Communications Inc. (Nasdaq: RBBN) has announced the appointment of John Townsend as Executive Vice President and Chief Financial Officer, effective November 1, 2024. Townsend, with over 30 years of experience leading financial organizations in the telecommunications industry, will succeed Miguel "Mick" Lopez, who is retiring. Townsend's career includes nine years at Verizon Communications as CFO for various divisions and nearly two decades at Vodafone with multiple regional CFO assignments. Most recently, he served as CFO of Digicel.

Bruce McClelland, Ribbon Communications CEO, expressed confidence in Townsend's ability to deliver profitable growth and value creation. Townsend stated his enthusiasm for joining Ribbon, recognizing the company's strategic vision and potential to capitalize on major industry investments in network transformation.

Positive

• Appointment of experienced CFO John Townsend with over 30 years in the telecommunications industry
• Townsend's background includes leadership roles at major companies like Verizon and Vodafone
• CEO expresses confidence in Townsend's ability to deliver profitable growth and value creation

Negative

• None.

PLANO, Texas, Oct. 3, 2024 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world's largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced the appointment of John Townsend as Executive Vice President and Chief Financial Officer effective November 1, 2024.  Mr. Townsend will succeed Miguel "Mick" Lopez who Ribbon previously announced is retiring after a short transition period.

Mr. Townsend is a proven financial leader with an impressive career that spans over 30 years leading large complex financial organizations for several of the industry's largest service providers across five continents and 30 countries.  

Mr. Townsend spent nine years at Verizon Communications as Chief Financial Officer for several organizations including Verizon Business, Verizon Consumer, and Verizon Wireless, supporting annual revenue streams in excess of $90 billion and leading his teams through periods of aggressive change and growth.

Prior to Verizon, Mr. Townsend spent almost two decades at Vodafone with several regional CFO assignments where he was instrumental in leading commercial and business transformation programs that spanned across many countries and markets, navigating diverse multicultural organizations. As part of his time at Vodafone, he held the Chief Financial Officer position of the Verizon Wireless joint venture responsible for the company's SEC reporting and investor communications.

Most recently Mr. Townsend served as the CFO of Digicel where he drove profitability improvements and operational efficiencies. 

"John joins us with extensive industry experience and a strong track record of delivering profitable growth, value creation and financial foresight," said Bruce McClelland, Ribbon Communications Chief Executive Officer.   "We welcome John to Ribbon as we continue our mission to become a leading communication solutions supplier. His appointment reflects our commitment to strategic leadership.  We also want to thank Mick again for his contributions over the last 4 years."

"In my discussions with Bruce, members of the Board of Directors and other members of the executive team, it was clear to me that Ribbon is executing well against its strategic vision and has positioned itself to capitalize on major industry investments in network transformation to support the exponential growth in data traffic from mobile, broadband, and AI," said John Townsend.  "I look forward to joining Ribbon and working with one of the best teams in the industry in order to drive value for all stakeholders."

About Ribbon 
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G and broadband internet. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit rbbn.com.

Important Information Regarding Forward-Looking Statements 
The information in this release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties.  All statements other than statements of historical facts contained in this release, including without limitation statements regarding the Company's future growth and industry trends, are forward-looking statements. Without limiting the foregoing, the words "believes", "estimates", "expects", "expectations", "intends", "may", "plans", "projects" and other similar language, are intended to identify forward-looking statements.  Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties and other important factors, including, among others, the effects of geopolitical instabilities and wars, including in Israel and Ukraine (and the impact of sanctions and trade restrictions imposed as a result thereof); unpredictable fluctuations in quarterly revenue and operating results; increases in tariffs, trade restrictions or taxes on the Company's products; the impact of restructuring and cost-containment activities; operational disruptions at facilities located in Israel including as a result of military call-ups of the Company's employees in Israel, closure of the offices there or the temporary or long-term closure of contract manufacturing in the region; the potential impact of litigation; risks related to supply chain disruptions, including as a result of component availability; risks resulting from higher interests rates and continued inflationary pressures; risks related to cybersecurity and data intrusion; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company's customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company's recognition of revenues; macroeconomic conditions, including inflation; market acceptance of the Company's products and services; rapid technological and market change; the ability to protect Company intellectual property rights and obtain necessary licenses; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company's products; and currency fluctuations.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business and results from operations. Additional information regarding these and other factors can be found in the Company's reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2023. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact
+1 (978) 614-8050
ir@rbbn.com   

Media Contact
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com 

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SOURCE Ribbon Communications Inc.

FAQ

Who is Ribbon Communications' new CFO and when does he start?

John Townsend has been appointed as Ribbon Communications' new Executive Vice President and Chief Financial Officer, effective November 1, 2024.

What is John Townsend's background before joining Ribbon Communications (RBBN)?

John Townsend has over 30 years of experience in the telecommunications industry, including nine years at Verizon Communications as CFO for various divisions, nearly two decades at Vodafone with multiple regional CFO assignments, and most recently served as CFO of Digicel.

Who is John Townsend replacing as CFO at Ribbon Communications (RBBN)?

John Townsend is succeeding Miguel "Mick" Lopez, who is retiring after a short transition period.

What does Ribbon Communications (RBBN) specialize in?

Ribbon Communications is a global provider of real time communications technology and IP optical networking solutions for service providers, enterprises, and critical infrastructure operators to modernize and protect their networks.