Frontier Communications announced on Tuesday that former Verizon executive John Stratton will be executive chairman of its board when the enterprise emerges from Chapter 11.
Frontier mentioned 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 strategy of reorganization.
Connected: Bankruptcy court provides Frontier’s restructuring strategy 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 involves 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 Assistance Agreement (RSA) with bondholders representing extra than 75% of its $11 billion outstanding unsecured bonds.
Stratton became a board observer in May perhaps following 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 strategy focused on delivering extra higher-speed broadband across the 25 states in its footprint as nicely as “driving operational efficiency, sector-top client service, network reliability.”
Stratton was also supportive of Frontier’s strategy to boost its fiber-primarily based broadband solutions across its current footprint, as nicely as in adjacent markets. Prior to filing for Chapter 11 bankruptcy, Frontier mentioned in a presentation to investors, which was incorporated 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 perhaps, I’ve had the chance to engage with the Finance Committee to assessment and evaluate the company’s broad portfolio of assets and have created powerful self-confidence that Frontier can emerge as one particular of the nation’s top broadband providers in the markets it serves,” Stratton mentioned in a statement. “There is substantial chance to drive operational efficiency, provide an exceptional client encounter, expand Frontier’s fiber footprint and reach lucrative development. I’m searching forward to operating with the management group, assisting drive execution of the company’s strategic strategy and reaching sustainable, extended-term accomplishment.”
Right after 25 years, Stratton retired from Verizon Communications two years ago following most not too long ago 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.
Through his stint at Verizon, he led a price transformation of Verizon’s operations, establishing and overseeing a restructuring of processes across all business enterprise 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 Basic Dynamics.
Connected: Frontier CEO McCarthy measures down Han named as new CEO and president
In December, Dan McCarthy stepped down as Frontier Communications’ president and CEO following 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 enterprise.
Han brought extra than 30 years of encounter to Frontier, like extra than 11 years at Dish Network, as nicely as an substantial 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 advertising officer at America West Airlines.