Metronet Names New CEO, CFO

Rhea-AI Summary

Metronet announces executive appointments as part of its succession plan for future growth. Dave Heimbach becomes President and CEO, Sarah Overbaugh becomes CFO. John Cinelli becomes Executive Chairman and Lohn Weber becomes EVP of Capital Markets. Positive growth prospects and achievements highlighted.

Positive

• Metronet positions itself for future growth with executive appointments
• Dave Heimbach's success in previous roles and leadership praised
• Lohn Weber's progressive approach to finance and lending contributes to sustainable growth
• Sarah Overbaugh's contributions in finance and acquisitions recognized

Negative

• None.

Company Executes Succession Plan; Prepares for Future Growth

EVANSVILLE, Ind.--(BUSINESS WIRE)-- Metronet announced today the advancement of four key leaders as part of its long-term succession plan to continue to position the multibillion-dollar company for its next phase of growth. Effective October 1, current President and Chief Operating Officer Dave Heimbach will assume the position of President and Chief Executive Officer and Executive Vice President Sarah Overbaugh will become Chief Financial Officer. Commensurate with these new executive appointments, John Cinelli will step into the role of Executive Chairman, and Lohn Weber will fill the newly established position of Executive Vice President— Capital Markets, while retaining his seat on the Board of Managers.

Dave Heimbach, Metronet President and Chief Executive Officer (Photo: Business Wire)

“These new executive appointments reflect Metronet's commitment to continuity in leadership and are a reflection of the remarkable achievements, future potential, and outstanding growth prospects of the company,” said John Cinelli. “At Metronet, we’re committed to taking care of our customers by providing first-in-class, multi-gigabit speed internet to communities aiming to thrive in the 21^st century economy. These newly appointed leaders are set to take us to new heights in the fiber industry, attract top-tier talent, and accelerate our already incredible growth.”

While serving as the Chief Executive Officer of Metronet, John Cinelli has steered the company's long-term vision. Under Cinelli’s founding leadership, Metronet has grown from a company operating in select rural Indiana communities to the largest privately owned fiber-to-the-premises company in the United States serving over 400,000 end users across 16 states.

“Under John’s guidance, we have not only pursued ambitious goals, but we’ve also built a legacy of excellence within our associate core,” said Al Cinelli, Chairman Emeritus. “His vision is what has driven Metronet to a new pinnacle, and he will continue to propel us forward in his new role as Executive Chairman.”

Dave Heimbach joined Metronet in 2021 as President and Chief Operating Officer. Heimbach, a 25-year telecommunications industry veteran, most recently served as Chief Operating Officer of Shentel Telecommunications Company (NASDAQ: SHEN), where he oversaw day-to-day operations and the sale of the company’s wireless business to T-Mobile for $1.95B while implementing the company’s fiber broadband expansion growth strategy.

“Dave's track record of success speaks for itself, and he has been instrumental in propelling Metronet to the next level,” stated John Cinelli. “He has overhauled several key divisions of the business leading to record-breaking results. He has also earned the admiration and trust of our internal teams and private equity partners, effectively orchestrating our rapid expansion into new markets.”

Since its inception, Lohn Weber has served as Metronet’s Chief Financial Officer. During his tenure, Weber has pioneered progressive lending concepts to fund Metronet’s explosive growth. His leadership directly contributed to a successful recapitalization, attracting significant investments from Metronet’s investors KKR and Oak Hill Capital Partners. Additionally, he has been integral in the acquisition and integration of 8 companies. In his new role, Lohn will continue to build and foster essential relationships with lenders and investors on behalf of Metronet.

“Lohn’s progressive approach to finance and lending has enabled industry-leading, sustainable growth,” said John Cinelli. “His leadership has been instrumental in securing strategic partnerships further solidifying our position in the market. His dedication and expertise have been vital, and we look forward to his continuing contributions in his new role.”

Sarah Overbaugh joined Metronet in 2020 as Senior Vice President and Controller and was named Executive Vice President of Finance & Accounting in April 2023. She played key roles in the company’s recent $1.9 billion asset-backed securitization bond offerings and was vital in several successful acquisitions. Prior to Metronet, Overbaugh held several senior executive positions at Payless ShoeSource in various accounting and finance roles.

“Sarah’s ascent within Metronet has been nothing short of remarkable and her contributions invaluable,” said Lohn Weber. “From the very beginning, Sarah has displayed an extraordinary talent for navigating the intricate landscape of finance with precision and foresight. Her ability to identify opportunities, mitigate risks, and drive results has bolstered our financial stability and fueled our expansion.”

About Metronet:

Metronet is a 100% fiber optic company headquartered in Evansville, Indiana, and has quickly grown to become the nation’s largest independently owned 100% fiber-optic provider. The customer-focused company provides cutting-edge fiber optic communication services, including high-speed Fiber Internet and full-featured Fiber Phone. Metronet started in 2005 with one fiber optic network in Greencastle, Indiana. Since then, Metronet and its affiliates have grown to serve and construct networks in more than 250 communities across Indiana, Illinois, Iowa, Kentucky, Michigan, Minnesota, Ohio, Florida, North Carolina, Virginia, Texas, Wisconsin, Missouri, Colorado, New Mexico, and Louisiana. Metronet is committed to bringing state-of-the-art telecommunication services to communities — services that are comparable or superior to those offered in large metropolitan areas. By offering XGS PON technology, Metronet can easily carry its communities into the future of multi-gigabit service. Cablefax has named Metronet as the 2023 Fiber Provider of the Year. Metronet has also been recognized by PCMag as the Fastest Major ISP in 2023 and as one of the Top 10 ISPs with Best Gaming Quality Index in 2021. Additionally, Metronet has effectively defined a new asset class issuing $1.9B in asset-backed securities in 2023. For more information, visit www.Metronet.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230921261827/en/

Katie Custer

Katie@RunSwitchPR.com

502.821.6784

Source: Metronet