Frontier Communications announced on Tuesday that former Verizon executive John Stratton will be executive chairman of its board as soon as the organization emerges from Chapter 11.
Frontier stated it was targeting early subsequent year for emerging from Chapter 11 bankruptcy. On Aug. 21, the U.S. Bankruptcy Court for the Southern District of New York authorized Frontier’s program of reorganization.
Connected: Bankruptcy court provides Frontier’s restructuring program its stamp of approval
Stratton was voted in as executive chairman by representatives of Frontier’s unsecured senior notes that have been issued by Frontier, which contains Elliott Management.
Frontier Communications filed for bankruptcy on April 14 to begin a prearranged $ten billion debt-cutting proposal backed by its biggest bondholders. Frontier announced it had entered into a Restructuring Help Agreement (RSA) with bondholders representing extra than 75% of its $11 billion outstanding unsecured bonds.
Stratton became a board observer in May possibly right after he was chosen by creditors in connection with Frontier’s restructuring. As board observer, Stratton supported the Frontier’s Finance Committee as it created a strategic program focused on delivering extra higher-speed broadband across the 25 states in its footprint as properly as “driving operational efficiency, sector-major client service, network reliability.”
Stratton was also supportive of Frontier’s program to improve its fiber-primarily based broadband solutions across its current footprint, as properly as in adjacent markets. Prior to filing for Chapter 11 bankruptcy, Frontier stated in a presentation to investors, which was integrated in a Securities and Exchange Commission filing, that it regretted not investing extra on fiber network upgrades.
“Considering the fact that becoming a board observer of Frontier in May possibly, I’ve had the chance to engage with the Finance Committee to critique and evaluate the company’s broad portfolio of assets and have created sturdy self-assurance that Frontier can emerge as one particular of the nation’s major broadband providers in the markets it serves,” Stratton stated in a statement. “There is considerable chance to drive operational efficiency, provide an exceptional client encounter, expand Frontier’s fiber footprint and realize lucrative development. I’m hunting forward to functioning with the management group, assisting drive execution of the company’s strategic program and attaining sustainable, lengthy-term results.”
Following 25 years, Stratton retired from Verizon Communications two years ago right after most lately serving as the telco’s executive vice president and president of international operations.
Prior to taking duty for Verizon’s international operations, Stratton served as chief operating officer of Verizon Wireless and separately, president of its international enterprise options group. He was also the head of wireline divisions at Verizon, exactly where he had complete duty for all of Verizon’s wireline operations for seven years.
For the duration of his stint at Verizon, he led a price transformation of Verizon’s operations, establishing and overseeing a restructuring of processes across all small business segments that yielded extra than $eight billion of annual operating expense savings, according to Tuesday’s press release. Stratton at present serves on the board of directors for Abbott Laboratories and Common Dynamics.
Connected: Frontier CEO McCarthy actions down Han named as new CEO and president
In December, Dan McCarthy stepped down as Frontier Communications’ president and CEO right after a 29-year profession, and left the company’s board of directors. Frontier’s board unanimously appointed Bernie Han as McCarthy’s successor across all 3 positions at the organization.
Han brought extra than 30 years of encounter to Frontier, such as extra than 11 years at Dish Network, as properly as an comprehensive background in finance. At Dish, Han served as CFO, COO and as executive vice president for strategic preparing. Han previously worked as chief economic officer at Northwest Airlines, and chief economic officer and chief promoting officer at America West Airlines.