Herb Hribar, CEO of eircom, has told the company's board of directors he will not seek to renew his contract and will leave the company. The announcement comes after the Ireland-based company abandoned plans for an initial public offering.
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The board has named current CFO Richard Moat as acting CEO while the company conducts a search for a permanent CEO.
Hribar, who returned to eircom in 2012 following a stint as CENX's CEO, did not say why he was leaving the company other than to say he'll be returning to the United States.
Padraig McManus, chairman, eircom, said in a release that Hribar has "led eircom through a critical juncture of our transformation and overseen a network investment programme that has significantly upgraded our capability."
Among his largest accomplishments during his two-year tenure as CEO was the rollout of its last mile fiber network and 4G LTE wireless network.
Earlier this month, the service provider announced that it passed 1 million premises with its last mile fiber network. At that time, it said it was close to reaching 50 percent of homes and businesses across Ireland with speeds of up to 100 Mbps over its fiber-to-the-node (FTTN) hybrid copper and fiber-based last mile network.
Eircom recently said that it would not move forward with its plans for an IPO after considering the move as part of a broader strategic review of its operations. The service provider said shareholders preferred to focus on generating a return on its infrastructure investments.
Hribar and Moat were hired by a number of financial companies that took control over the company after it filed for bankruptcy protection in 2012.
For more:
- see the release
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