Rhythms loses CEO, founder
(Telephony) Foreshadowing the eventual demise of the company, Rhythms NetConnections chairman, CEO and founder Catherine Hapka resigned today. Hapka founded the company in 1999. Steve Stringer, Rhythms’ president and chief operating officer will take on her responsibilities and title.
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“On behalf of all Rhythms employees, I want to thank Catherine for her vision and many contributions to the company for the last four years,” Stringer said in a released statement.
“I believe Steve Stringer has the ability to lead Rhythms through the challenges that lie ahead,” Hapka said in a released statement.
Rhythms announced on Monday that it has hired an investment-banking firm to “explore strategic and financial options for the company.” The firm is considering options such as a sale of the company, sale of assets, or a merger or acquisition.
Although NorthPoint Communications CEO Liz Fetter did not step down, Rhythms’ moves are now closely following those taken by NorthPoint before it declared bankruptcy in January. Ironically, Hapka and Fetter worked together at U S West prior to starting the two companies. No information was given as to Hapka’s future plans.
“We really can’t add any more information,” a Rhythms spokesman said.
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