Broadwing CEO resigns
Broadwing has announced that CEO and Chairman Richard Ellenberger resigned his post by mutual agreement with the carrier’s board, and will be replaced as CEO by Chief Operating Officer Kevin Mooney.
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Board member Daniel Meyer will replace Ellenberger as chairman, and Cincinnati Bell President Jack Cassidy will fill Mooney’s vacant COO spot.
A note from Kaufman Brothers said Ellenberger’s resignation was a sign that Broadwing’s financial position is worsening. Already laden with $1.2 billion in debt maturing in 2004, the company still has negative free cash flow with no sign of going positive in sight, Kaufman Brothers said.
“We predict covenant violations for the company in 2003 and continued weakened results,” the note said. “We believe the sector is rationalizing, driving marginal players like Broadwing out of business.”
-- Kevin Kitchard, staff writer
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© 2012 Penton Media Inc.
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