Rory Cole in charge of GCX as Bill Barney departs
Bill Barney left Global Cloud Xchange (GCX) this morning following the company’s emergence from bankruptcy and Rory Cole, the company’s CFO, is now interim CEO.
Though GCX has not said anything about Barney’s plans, Capacity understands he will “pursue other opportunities” in the industry after an agreed non-compete period.
Barney (pictured) had been chairman and CEO of GCX for six years, having previously worked at Pacnet, Asia Netcom, Pacific Crossing and other telecoms companies in south-east Asia.
Cole, his successor as interim CEO of GCX, was at MCI Worldcom in the early 2000s, staying long after its absorption by Verizon as Verizon Business.
Barney’s departure comes just weeks after GCX became an independent company, separate from its troubled former parent, Reliance Communications (RCom), which is going through India’s bankruptcy process.
Chris Mallon, chairman of the board at GCX, said this morning: “We are confident Rory is the right person to lead GCX as we conduct the search for a permanent CEO. The GCX board is thankful to Bill for his leadership, and we wish him well in his future endeavours.”
Barney said: “Following a stringent financial restructuring process, GCX is now back on track to pursue accelerated growth and development, supported by the strong ownership of its current shareholders.”
GCX, which had been owned by RCom, went into Chapter 11 bankruptcy restructuring in September 2019 after a long period when Barney and colleagues sought deals to rescue both RCom and GCX. Barney quit as CEO of RCom at the same time, to focus on restructuring GCX.
In the event, GCX has emerged first, when senior secured noteholders took control. The restructuring plan cut GCX’s debt by $150 million and has given it new working capital. Meanwhile, a resolution to RCom’s bankruptcy is not expected before the end of February at the earliest, with an asset sale to a number of bidders.
Mallon said this morning: “Rory is a trusted and visionary leader, who has demonstrated a proven ability to guide companies to their next stage of growth and evolution – both as part of the GCX team and in his prior roles transforming large, international telecommunications providers.”
Barney said: “Together with the team, we have overcome many hurdles over the past six years which has made GCX a stronger company. I am confident that the team will continue to honour our commitments to employees, customers and suppliers, build upon GCX’s strategic plan and emerge as an even stronger company.”
Barney has not so far responded to Capacity’s questions about his next move. “He will resurface,” said a former colleague, speaking on the basis of anonymity. “It’s been a really hard six years.”