Pennington leaves Millicom as Bruha picks up the mantle

Pennington leaves Millicom as Bruha picks up the mantle

10 January 2022 | Natalie Bannerman

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Millicom chief financial officer (CFO) Tim Pennington will retire from the role on 1st April and will be succeeded by Sheldon Bruha.

Bruha will join the company on 17th January and will assume the role of CFO on 1st April. While Pennington will continue to serve as an advisor to the CEO through the end of 2022 to aid in the transition process.

Having joined the company in 2014, Pennington has played an instrumental role in Millicom's transformation into a leading fixed and mobile broadband services in Central and South America.

“It’s been my honour to be Millicom CFO for the past 8 years, during a period of unprecedented transformation. All that we’ve accomplished is a credit to the talented team at Tigo and their passion. I’m looking forward to the future – watching with pride as Tigo continues to set the pace,” said Pennington.

Specifically, Pennington played a pivotal part in a number of key projects including: Millicom’s exit from Africa; its US NASDAQ listing; its acquisitions in Panama and Nicaragua; and the consolidation of its ownership in Guatemala.

"Tim has been a great partner and has helped us transform Millicom into one of the leading providers of cable, mobile and high-speed broadband services in Latin America. We thank him deeply and wish him well in his retirement. He will remain a friend and a key advisor,” said Mauricio Ramos, CEO of Millicom.

Prior to working for Millicom, Bruha most recently served as the CFO at Frontier Communications. During this time, he successfully helped navigate the business through its financial restructuring.

“I am very excited to join such a great purpose-driven organization as Millicom, and I look forward to becoming part of the Tigo family and partnering with Mauricio and the team to continue to grow the business,” said Bruha.

Before Frontier, Bruha held several senior financial leadership roles at Cable & Wireless, including head of corporate development. He also held senior financial leadership roles at CDI Corp.

Bruha started his career at Lehman Brothers, the global investment bank, holding senior positions in its New York and London TMT groups.

“We are delighted to have someone with Sheldon’s experience and knowledge of the telecommunications industry and the region joining us as CFO," continued Ramos.

"After a long and methodic selection process, I am very much looking forward to working with Sheldon to continue to drive Tigo to be one of the leading providers of cable, mobile and high-speed broadband services in Latin America.”