Cincinnati Bell has put the company’s president and CEO Leigh Fox on the list to be named to its company board, reflecting a process to transition the chairman role and overall board.
His nomination comes as two of its current board members—Phil Cox and John Zrno—announced their intent to step down from the board.
Cincinnati Bell’s Chairman of the board, Phil Cox, will step down from his role prior to the 2019 annual shareholders meeting. Cox told the board that he does not intend to stand for re-election to the board at the 2019 annual meeting.
John M. Zrno also said he will not seek re-election to the board of directors when his term expires at the company’s annual meeting of shareholders this May.
The service provider said that these changes “align with the Company’s ongoing board refreshment process which aims to renew the board with directors who have deep industry expertise and appropriate board experience.”
As part of the telco’s board refreshment process, Cincinnati Bell has already added three new independent directors in the last five years. Upon closing the Hawaiian Telcom acquisition, which is expected in the second half of 2018, Cincinnati Bell will expand the size of the board from nine members to 11 members, in order to add two existing Hawaiian Telcom directors.
Fox has served as Cincinnati Bell’s president and CEO since taking over the reins from Ted Torbeck last May. He joined the company in July 2001, and has served in various roles of increasing responsibility, including COO and CFO.
“Leigh has demonstrated the strategic vision and leadership necessary to drive Cincinnati Bell’s growth strategy and differentiate the Company in the marketplace,” said Phil Cox, chairman of Cincinnati Bell’s board, in a release. “His extensive industry expertise and unique perspectives will be an invaluable resource to the board, as we remain focused on building two distinct complementary businesses with enhanced scale and strategic optionality to deliver enhanced shareholder value.”
Since taking over the CEO and president role from Ted Torbeck last year, Fox has continually steered the company through a process of expanding and enhancing its last mile fiber network. As of the end of the fourth quarter, Cincinnati Bell reached 70% of the homes and businesses in greater Cincinnati as of the end of the fourth quarter.