Frontier Communications Corporation (NASDAQ:FTR) announced today that
Kevin L. Beebe, Paul M. Keglevic and Mohsin Y. Meghji have been elected
to join Frontier’s Board of Directors, effective immediately.
Messrs. Beebe, Keglevic and Meghji will serve on the Board’s Finance
Committee, which will continue to be chaired by Robert A. Schriesheim.
The Finance Committee’s primary responsibilities are to evaluate
Frontier’s capital structure and consider, evaluate and negotiate
capital markets and/or financing transactions and/or strategic
alternatives. Messrs. Beebe, Keglevic and Meghji will also serve on the
Board’s Audit Committee and Mr. Beebe will serve on the Board’s
Compensation Committee.
In addition, Michael R. McDonnell has resigned from Frontier’s Board of
Directors due to competing time commitments and Mr. Schrott has resigned
from Frontier’s Board of Directors due to personal considerations. With
these changes, the Board now is comprised of nine directors, eight of
whom are independent and four of whom have been elected in the last year.
Pamela D.A. Reeve, Frontier’s Chairman, stated, “We are extremely
pleased to have Kevin, Paul and Mo join the Board. These seasoned
executives add significant telecommunications, finance and operational
expertise helping companies manage change and create value for
stakeholders. Each brings unique experience to our Board and they are
all well-respected in the financial community. We look forward to
Frontier benefiting from their contributions going forward. We would
also like to thank Mike and Howard for their service to Frontier, and we
wish them all the best in the future.”
Mr. Beebe has served as President and Chief Executive Officer of
2BPartners, LLC, a partnership that provides strategic, financial and
operational advice to private equity firms and companies in the
technology and telecom industries, since November 2007. From 1998-2007,
he served as Group President of Operations at ALLTEL Corporation, a
publicly traded telecommunications services company. Prior to that, Mr.
Beebe served as Executive Vice President of Operations for 360◦
Communications Co., a publicly traded wireless communications company
from 1996-1998, and from 1983 to 1995 Mr. Beebe served in various
management roles at ATT, Southwestern Bell and United Telecom/ Sprint.
Mr. Keglevic served as Chief Executive Officer of Energy Future
Holdings, a regulated transmission and distribution business, from
October 2016 to March 2018 and also served as Chief Restructuring
Officer of Energy Future Holdings from December 2013 to March 2018. Mr.
Keglevic served as Executive Vice President, Chief Financial Officer and
Chief Risk Officer at TXU Corporation, an electric utility company that
became Energy Future Holdings when it was taken private in 2007 as part
of a leveraged buyout, from July 2008 to September 2016. Prior to that,
Mr. Keglevic served as an audit partner at PricewaterhouseCoopers LLP
(PwC) from 2002-2008 and in various roles at auditor Arthur Andersen LLP
before joining PwC.
Mr. Meghji founded M-III Partners, L.P., a merchant banking and advisory
firm focused on turnaround and special situations, in 2014. Since 2018,
Mr. Meghji has also been Chairman of Infrastructure and Energy
Alternatives, Inc., a publicly traded engineering, procurement and
construction company focusing primarily on renewable energy. From
2012-2014, Mr. Meghji served in various executive positions at
Springleaf Financial Services, Inc., one of the largest U.S. subprime
consumer finance companies. Mr. Meghji was a co-founder of Loughlin
Meghji & Company, a financial restructuring/advisory firm where he
served from 2002 to 2011 until he sold his stake. From 1987 to 2001, Mr.
Meghji worked with Arthur Andersen LLP in a variety of roles, finally
serving as a Partner in the firm’s global Corporate Finance/
Restructuring Group.
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) is committed to
helping customers navigate internet and entertainment services. As a
leader in providing communications services to urban, suburban, and
rural communities in 29 states, Frontier offers a variety of services to
residential customers over its FiOS and Vantage fiber-optic and its
copper networks, including video, high-speed internet, advanced voice,
and Frontier Secure® digital protection solutions. Frontier
Business™ offers communications solutions to small, medium and
enterprise businesses.
Forward-Looking Statements
This document contains “forward-looking statements,” related to future,
not past, events. Forward-looking statements address our expected future
business and financial performance and financial condition, and contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” “will,” “would,” or “target.” Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain. These risks and uncertainties include, but are not limited
to, the factors that are described in our filings with the U.S.
Securities and Exchange Commission, including our report on Form 10-K
and reports on Form 10-Q. These risks and uncertainties may cause our
actual future results to be materially different than those expressed in
our forward-looking statements. We do not undertake to update or revise
these forward-looking statements.
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