Frontier Communications names new CFO
Scott Beasley is to join Frontier Communications as CFO following the resignation of Sheldon Bruha.
Bruha is scheduled to leave the company effective 14 June and as his replacement, Beasley will report to president and CEO Nick Jeffery, the former CEO of Vodafone UK who himself was appointed in December.
Thanking Bruha for his "significant contributions over the past three years" Jeffery said: “Sheldon played a key role in Frontier’s successful emergence from bankruptcy, including leading the company’s critical balance sheet restructuring. We wish him well in his future endeavours.”
As Capacity reported, Frontier's 2019 annual report stated that the telco was in discussions with its shareholders about a possible restructuring. As part of that plan it confirmed the intention to file for Chapter 11 last year.
Frontier's Securities and Exchange Commission filing cited the decline in legacy products, particularly voice revenues, commercial/wholesale legacy data, and consumer legacy data. Other causes were cited as: changing consumer behaviours and increased competition; high content and acquisition costs; and the company’s large fixed expense base.
The California Public Utilities Commission unanimously voted to approve Frontier's emergence from Chapter 11 and in April the full new team line-up was revealed.
“The addition of Scott Beasley as our new CFO is an important step in building a world-class leadership team as we transform our business into a modern technology company,” said Jeffery. “Frontier has a newly strengthened balance sheet and Scott brings considerable experience in corporate finance that will be critical as we invest in building our high-speed Fiber network. Scott is the ideal executive to lead our finance organisation as we build Gigabit America."
Beasley was most recently CFO of Arcosa, Inc., a North American provider of infrastructure products and solutions. Potentially hinting at what the future could hold for Frontier, he helped lead its successful public spinoff in 2018 and Arcosa went on to execute 13 acquisitions in a three-year period, repositioning its portfolio around growth-oriented infrastructure products.