NORWALK, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ: FTR) today announced that
R. Perley McBride will join the Company on September 12, 2016, and will
become Executive Vice President and Chief Financial Officer following a
transition period. Mr. McBride will succeed John Jureller, who is
stepping down to pursue other opportunities.
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R. Perley McBride (Photo: Business Wire)
Mr. McBride has over two decades of experience in financial roles in the
communications industry, including more than a decade at Frontier
earlier in his career, and was most recently CFO at Cable & Wireless
Communications Plc.
Dan McCarthy, Frontier’s President and CEO, said, “We are very pleased
to welcome Perley back to Frontier. Perley is a highly respected finance
leader in the communications industry and has unique insight into our
business as a result of his prior roles here. He has a successful track
record of allocating capital to drive shareholder value, increasing
efficiency, improving margins, and executing on strategic plans. Perley
will play an integral part in attaining the financial targets we have
set for Frontier, including achieving Adjusted Free Cash Flow in the
range of $825 million to $900 million in 2016, Adjusted EBITDA in excess
of $4 billion in 2017, as well as our expense synergy target of at least
$1.25 billion.”
Mr. McBride said, “I am very excited to be rejoining Frontier at such a
pivotal time in the Company’s history. Frontier has tremendous future
opportunities and I look forward to being a part of Dan’s team as we
seek to grow the business and achieve the substantial synergies and
efficiencies made possible by Frontier’s substantially-increased scale.”
Mr. McCarthy added, “I would like to thank John Jureller for his many
contributions during his four years with Frontier, a period that
included two major acquisitions that more than doubled our size. I am
pleased that John will stay on to ensure a seamless handoff, and we wish
him well in his future endeavors.”
R. Perley McBride Biography
Prior to joining Frontier, Perley McBride was the Chief Financial
Officer of Cable & Wireless Communications Plc until its May 2016
acquisition by Liberty Global plc. Previously, Mr. McBride served as
Chief Financial Officer at Leap Wireless International, which operated
the Cricket Communications mobile brand, from December 2012 through May
2014 and was part of the Executive team that led the business through
its acquisition by AT&T Inc. Prior to Leap Wireless, he served as
Executive Vice President of Finance at The Weather Company, owner of The
Weather Channel among other assets, between 2010 and 2012, where he was
instrumental in achieving sustained EBITDA growth and reducing leverage
by two turns. He served in several senior financial management roles at
Frontier between 1999 and 2010, and also between 1994 and 1997. During
that period, he created a culture of expense discipline that enabled
Frontier to achieve a consistent track record of sustaining
industry-leading margins. He also worked in the finance department at
Sprint Corporation early in his career. He holds a Bachelor of Science
degree from Mount Allison University in Canada and has an MBA from the
University of Houston.
About Frontier Communications
Frontier Communications Corporation is 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 fiber-optic and copper networks, including video, high-speed
internet, advanced voice, and Frontier Secure® digital
protection solutions. Frontier Business Edge™ offers communications
solutions to small, medium, and enterprise businesses. Frontier’s
approximately 30,300 employees are based entirely in the United States.
More information about Frontier is available at www.frontier.com.
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. For us, particular uncertainties that could cause our actual
results to be materially different than those expressed in our
forward-looking statements include: risks related to the acquisition of
properties from Verizon, including our ability to successfully operate
the acquired business, our ability to realize anticipated cost savings,
our ability to enter into or obtain, or delays in entering into or
obtaining, agreements and consents necessary to operate the acquired
business as planned, on terms acceptable to us, and increased expenses
incurred due to activities related to the transaction; our ability to
meet our debt and debt service obligations; competition from cable,
wireless and wireline carriers and satellite companies and the risk that
we will not respond on a timely or profitable basis; our ability to
successfully adjust to changes in the communications industry, including
the effects of technological changes and competition on our capital
expenditures, products and service offerings; reductions in revenue from
our voice customers that we cannot offset with increases in revenue from
broadband and video subscribers and sales of other products and
services; our ability to maintain relationships with customers,
employees or suppliers; the impact of regulation and regulatory,
investigative and legal proceedings and legal compliance risks;
continued reductions in switched access revenues as a result of
regulation, competition or technology substitutions; the effects of
changes in the availability of federal and state universal service
funding or other subsidies to us and our competitors; our ability to
effectively manage service quality in our territories and meet mandated
service quality metrics; our ability to successfully introduce new
product offerings; the effects of changes in accounting policies or
practices, including potential future impairment charges with respect to
our intangible assets; our ability to effectively manage our operations,
operating expenses, capital expenditures, debt service requirements and
cash paid for income taxes and liquidity, which may affect payment of
dividends on our common and preferred shares; the effects of changes in
both general and local economic conditions on the markets that we serve;
the effects of increased medical expenses and pension and postemployment
expenses; the effects of changes in income tax rates, tax laws,
regulations or rulings, or federal or state tax assessments; our ability
to successfully renegotiate union contracts; changes in pension plan
assumptions, interest rates, regulatory rules and/or the value of our
pension plan assets, which could require us to make increased
contributions to the pension plan in 2016 and beyond; adverse changes in
the credit markets or in the ratings given to our debt securities by
nationally accredited ratings organizations, which could limit or
restrict the ability, or increase the cost, of financing to us; the
effects of state regulatory cash management practices that could limit
our ability to transfer cash among our subsidiaries or dividend funds up
to the parent company; the effects of severe weather events or other
natural or man-made disasters, which may increase our operating expenses
or adversely impact customer revenue; the impact of potential
information technology or data security breaches or other disruptions;
and the other factors that are described in our filings with the U.S.
Securities and Exchange Commission, including our reports on Forms 10-K
and 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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Frontier Communications
Investors:
Luke
Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
or
Media:
Peter
DePasquale, 203-614-5097
Vice President, Corporate Communications
peter.depasquale@ftr.com
Source: Frontier Communications Corporation