Why is he a turkey?
When David Hauser took over the CEO reins from Eugene Johnson at FairPoint Communications (Other OTC: FRCMQ.PK), the hope, as stated in the press release announcing the former Duke Energy executive, was that he could guide the telco through its next phase of growth.
But whatever good there was about Hauser, who was known for his financial expertise, this goal began to fall apart long after he took the CEO seat in June 2009.
At issue was FairPoint's ability to switch from Verizon's back office to its own OSS systems last January, the honeymoon ended when it failed to properly switch 285,000 former Verizon Communications customers in New England.
Ultimately, the switchover process proved to be too much for FairPoint and the service provider filed for bankruptcy.
With little over a year under his belt, Hauser was confined to lame duck status when the company's board of directors voted to replace him with another financial mastermind--Paul Sunu, the CFO of Hargray Communications--this August.
Hauser agreed to resign but remains as a consultant to FairPoint until it emerges from bankruptcy.
Of course, Sunu will have his hands full for the rest of 2010 and 2011 to make the service provider's emergence from bankruptcy a success.
Not only must he contend with the Vermont Public Service Board, which initially rejected the ILEC's restructuring plan, Sunu must also, and just as importantly, regain the carrier and customers' trust in FairPoint--two goals that Hauser could not reach in his short tenure as CEO.