FairPoint (Other OTC: FRCMQ.PK) has decided that if it's ever going to really turn itself around it will need to transfuse some new leadership blood outside of the walls of the ILEC into its system. Well, it looks FairPoint has found that blood in Paul Sunu.
To make this switch happen FairPoint will need the U.S. Bankruptcy Court for the southern district of New York's approval. If the filing is approved by the New York bankruptcy court, Sunu will become CEO while current CEO David Hauser will resign but remain as a consultant to FairPoint until it emerges from bankruptcy.
Sunu, who according to an AP article is favored by a committee of secured lenders, does come to the post with a great deal of experience managing the finances of large service providers. Currently, Sunu serves as the CFO for independent ILEC Hargray Communications. Prior to becoming Hargray's CFO in 2008, Sunu served as the CFO of Hawaiian Telecom and before that Madison River Communications (1996-2007) as one of its original founders.
In addition to receiving the court's approval for Sunu's appointment, the service provider still needs to get necessary approvals from the FCC and Vermont's Public Service board, which initially rejected FairPoint's reorganization plan.
The impending appointment of Sunu comes amidst a number of executive changes being made at FairPoint, including the appointment of Ajay Sabherwal as its executive vice president and chief financial officer last month.
- see the release here
- Wall Street Journal via AP has this story (sub. req.)
FairPoint appoints Ajay Sabherwal as new CFO
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FairPoint makes executive changes to rectify issues
Vermont PSB won't accept FairPoint's bankruptcy plan
Maine PUC approves FairPoint's reorganization plan
FairPoint's Vermont network problems continue to swell
FairPoint wants extension for broadband expansion
FairPoint files for Chapter 11 bankruptcy protection