Cincinnati Bell (NYSE: CBB) continued its top management transition as Jack Cassidy, the telco's vice chairman of the board, announced he would retire by the end of this year.
Cassidy (Image source: Cincinnati Bell)
Cassidy's move to retire as director was driven by his own belief that the transition of his responsibilities to Ted Torbeck "has gone very smoothly and is now complete." Torbeck took over from Cassidy as president and CEO at the end of January.
Two initiatives that Torbeck helped drive at Cincinnati Bell include its Cyrus One (Nasdaq: CONE) data center business, which went public earlier this year, and its growing fiber to the premises (FTTP)-based Fioptics broadband services.
Fioptics is a key growth engine for Cincinnati Bell. Its strong performance drove up Q2 2013 wireline revenue to $182 million and helped to "partially mitigate" the effect of the drop in landline voice revenues due to the loss of 11,400 local voice access lines.
The service provider also named Theodore H. Schell and Russel P. Mayer as two of its new directors.
Schell and Mayer come to the board with plenty of business and telecom experience.
A 30-plus telecom industry veteran, Schell is a managing director at Associated Partners LP, a private equity firm investing primarily in telecommunications infrastructure. Earlier, he served as Sprint's (NYSE: S) SVP of strategy and corporate development.
Mayer comes to the board with 37 years of information technology and business process improvement experience.
He most recently served as EVP, CIO & quality leader at GE Healthcare and spent eight years leading Lean/Six Sigma for a number of the energy giant's companies such as GE Healthcare, GE Aviation, GE Transportation, NBC and GE Electrical Distribution & Control.
- see the release
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