UScellular announces appointment of two new board members
United States Cellular Corporation (NYSE: USM) announced the appointments of Douglas W. Chambers and James W. Butman to its Board of Directors, effective January 1, 2023. Chambers, currently CFO of UScellular, has over 25 years of financial experience. Butman has been President and CEO of TDS Telecom since 2018. Their addition brings the insider to external directors' ratio to 7-to-6, aligning with TDS' controlling interest in UScellular. The Board aims to leverage their expertise for long-term success.
- Chambers and Butman bring extensive industry experience to the Board.
- Increased insider representation may strengthen alignment with TDS' interests.
- The change in Board composition may raise concerns about continuity and oversight.
CHICAGO, Dec. 1, 2022 /PRNewswire/ -- United States Cellular Corporation (NYSE: USM) announced that Douglas W. Chambers and James W. Butman have been appointed to its Board of Directors effective January 1, 2023. This follows on the previously announced appointment of Xavier D. Williams, CEO of Network Wireless LLC, to the Board effective January 1, 2023, and the continued service on the Board by Deirdre C. Drake, Executive Vice President, Chief People Officer and Head of Communications, following her retirement as an officer of UScellular on January 2, 2023.
Mr. Chambers is currently executive vice president, chief financial officer and treasurer for UScellular. He has more than 25 years of financial experience, and he joined UScellular from TDS, where he most recently served as senior vice president of finance and chief accounting officer. Mr. Chambers is a certified public accountant and a board member of the Southwest Wisconsin Chapter of the American Red Cross. He earned a bachelor's degree in accounting from the University of Wisconsin-Madison and an MBA from the Kellogg School of Management at Northwestern University in Evanston, Ill.
Mr. Butman has been President and CEO of TDS Telecom since 2018 and first joined the company in 1985. He currently serves on the TDS Board of Directors, the Greater Madison Chamber of Commerce Board of Directors, NCTC Board of Directors, and the Safe Harbor Child Advocacy Center Board of Directors. Mr. Butman earned a bachelor's degree of business administration in finance from University of Wisconsin–Eau Claire and an MBA in finance from the University of Wisconsin–Madison.
With the addition of Messrs. Chambers and Butman, the ratio of insider to external directors will be 7-to-6.
"Increasing the number of directors who are officers of TDS or UScellular brings the composition of the UScellular Board to a level that is more proportionate with TDS' significant controlling interest in UScellular," said LeRoy T. Carlson, Jr., Chairman of the Board. "Both of the new directors bring a tremendous amount of talent and experience to the Board as we continue to position UScellular for long-term success.
About UScellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.8 million retail connections in 21 states. The Chicago-based company had 4,900 full- and part-time associates as of September 30, 2022. At the end of the third quarter of 2022, Telephone and Data Systems, Inc. owned 83 percent of UScellular. For more information about UScellular, visit uscellular.com.
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SOURCE United States Cellular Corporation
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