Troubled GTT’s CFO quits for ‘more senior role with data centre company’
Mike Sicoli, the CFO of troubled carrier GTT, is to leave at the end of next month, for a ‘more senior role’ with another, unnamed, company.
The news comes only two weeks after GTT – which has acquired 10 companies since the start of 2017 – said it will sell non-strategic assets in order to reduce $3.2 billion of debt. Since then a number of law firms in the US have started class action suits against GTT.
Sicoli (pictured) has not said where he’s going, but the company said he has “accepted a more senior role with a data centre and cloud solutions provider”. GTT did not identify the provider.
Dan Fraser, GTT’s senior vice president, principal accounting officer and global corporate controller, is interim CFO while the group searches for a permanent replacement.
GTT president and CEO Rick Calder said: “Mike’s accomplishments in leading and building GTT’s finance organisation have been instrumental to the execution of our strategy. We wish him every success in his new role.”
According to his LinkedIn profile, Sicoli had been with GTT since April 2015. Earlier he was CEO of Sidera Networks, which was acquired by Lightower Fiber Networks in early 2013.
Sicoli said: “My time at GTT has been very rewarding, and I am proud of our many accomplishments. I believe GTT is on the right path for long-term success, and I plan to remain a significant shareholder. I am also confident that the finance team is in very capable hands as I move to the next chapter of my career.”
Fraser has been with GTT since April 2014. Earlier he spent a year as VP of finance at DigitalBridge Communications, which is not Marc Ganzi’s communications infrastructure company, Digital Bridge, but was a specialist in the now obsolete WiMax wireless technology.
GTT bought Interoute, its biggest ever acquisition, for €1.9 billion. In the last few weeks its share price has fallen to around $9, from a peak of $42.89 in April. GTT’s market cap is now $506 million, a fraction of the Interoute purchase price.