Frontier Communications Corp., the financially troubled Norwalk-based provider of phone, video and internet services, will have a new leader in March.
Nick Jeffery will serve as its next president and chief executive officer starting March 1, the company announced Tuesday.
Jeffery will succeed Bernie Han, who will step down as president and CEO after about one year in the position. Han will continue to serve on the company’s board of directors to help guide the leadership transition until the company emerges from Chapter 11 bankruptcy. After that, Jeffery will join the board.
A U.S. bankruptcy court approved Frontier Communications’ reorganization plan in August.
Connecticut’s Public Utilities Regulatory Authority (PURA) must also sign off on the restructuring, and is expected to review it in February. The state’s Attorney General William Tong has called on PURA to reject the company’s request to change ownership. Under the proposed restructuring, debt would be eliminated in exchange for giving senior creditors an ownership stake.
Jeffery has about three decades of experience in the telecommunications industry, most recently serving as CEO of Vodafone UK since 2016. He has held numerous positions at Vodafone Group, the world’s second largest international cellular operator.
In announcing his selection, Frontier noted Jeffery has led Vodafone through growth, reduced its operating expenses, and increased cash flow and customer and employee satisfaction.
Robert Schriesheim, chairman of the board’s finance committee, said Frontier is pleased to begin the next phase of its “ongoing transformation” as it prepares to emerge from Chapter 11.
“Following a rigorous process, the search committee concluded that Nick is the right CEO to lead Frontier through its next phase of investment and profitable growth,” Schriesheim said.
He also thanked Han for his leadership in “executing Frontier’s operational turnaround,” particularly during the challenges associated with COVID-19.
John Stratton, who will serve as executive chairman of Frontier’s board after the company emerges from Chapter 11, said he is confident the company can “emerge as one of the nation’s leading broadband providers in the markets it serves.”
According to Stratton, the search process identified Jeffery as the best person for the job, citing his ability to deliver operational and financial improvements to companies he has led.
“These skills will be critical on Frontier’s path to drive operational efficiency, deliver an exceptional customer experience and achieve profitable growth,” Stratton said.
Jeffery said his immediate focus will be on serving Frontier’s customers, while also enhancing the network through investments in its existing footprint and in adjacent markets.
“I am committed to delivering world-class customer service,” he said.
Han, meanwhile, said the company has made substantial progress in strengthening its financial and operational position in the past year.
“There is still important work to do in unlocking Frontier’s full potential, and I am excited to facilitate the transition and pass the CEO baton to someone with Nick’s outstanding track record,” Han said in an announcement.
The company indicated it expects to emerge from Chapter 11 in early 2021, with a reduction in debt of approximately $11 billion. Frontier has received regulatory approvals or favorable determinations to emerge from Chapter 11 from 12 states so far, including Arizona, Georgia, Illinois, Minnesota, Mississippi, Nebraska, Nevada, New York, South Carolina, Texas, Utah and Virginia.
