Schneider to step down at Citizens

Citizens Communications announced that president and COO Scott Schneider will leave by mid-year after any potential sale of the company.

Currently, the board of directors is evaluating numerous financial alternatives and has hired J.P. Morgan Securities and Morgan Stanley as advisors. The process, which many sources have said will lead to Citizens’ selling off all of its access lines, will be completed by the middle of the year, Leonard Tow, chairman and CEO of Citizens, said this morning during the company’s fourth quarter earnings call.

Schneider, who has been with the company for more than 20 years, said the decision to leave was not one that came because of any pressure.

"I reached this decision after only much soul searching both professionally and personally," he said during the earnings call. "My departure is driven solely by my desire to pursue other opportunities."

Upon leaving, Tow will assume the president’s role. Additionally, the company will establish an Office of the President consisting of Jake Casey as executive vice president and COO, Jerry Elliott as executive vice president and CFO, and Tow.

Citizens reported fourth quarter consolidated net income of $11.3 million on revenues of $554.1 million. The company, which has been hard hit by the economic recession in its largest market, Rochester, N.Y., recorded a record number of broadband additions in the quarter, bringing in 14,800 DSL customers during the quarter. However, primary access line count, which does not take into account DSL subscriptions, continued its downward fall, decreasing 17,700 lines during the quarter.