McLeodUSA Strengthens Board of Directors to Support Post-Recapitalization Growth Strategy.
CEDAR RAPIDS, Iowa--(BUSINESS WIRE)--June 5, 2002
Adds Three Current or Former CEOs With Broad
Experience in Telecom, Networking and Local Market Sales
McLeodUSA Incorporated (Nasdaq:MCLD), one of the nation's largest independent competitive local exchange carriers, today announced that it has strengthened its Board of Directors with the addition of three current or former chief executive officers to support its post-recapitalization growth strategy.
The new directors are: Dr. Jeong Kim, founder and former Chairman and CEO of Yurie Systems; Farid Suleman, CEO of Citadel Communications and former President and CEO of Infinity Broadcasting; and Juan Villalonga, former Chairman and CEO of Telefonica Group. Together, they bring substantial experience in telecommunications, networking and local market sales to the McLeodUSA Board. McLeodUSA also announced that Peter H.O. Claudy, Daniel R. Hesse, and Roy A. Wilkins have resigned from the Board.
Chris A. Davis, Chairman and CEO of McLeodUSA, said, "We are very enthusiastic about these additions to our Board. Ted Forstmann's effort to attract them to McLeodUSA is another example of his ongoing contribution to the Company. Juan Villalonga's and Jeong Kim's telecom leadership experience will be invaluable as we drive toward a lower-cost, more efficient network and Farid Suleman's knowledge of the small and medium-size business markets will provide key insights to support our sales and marketing efforts. The composition of our Board now fully supports our strategic plan to capitalize on the substantial growth opportunities in our 25-state footprint. We thank Peter, Dan and Roy for their contributions, particularly throughout the Company's successful restructuring."
McLeodUSA's 15-member Board now includes nine current or former chief executives. In addition to the three new Directors and Ted Forstmann, who is Chairman of the Executive Committee and Senior Partner of Forstmann Little & Co., the Board includes the following non-management Directors: Tom Bell, President and CEO of Cousins Properties, Incorporated; Jeff Benjamin, Managing Director, Libra Securities; Ed Breen, President and Chief Operating Officer of Motorola Inc. and former CEO of General Instrument Corporation; Tom Collins, Of Counsel at Shuttleworth & Ingersoll, P.C.; Dale Frey, former Treasurer of General Electric Company and former CEO of GE Investment Corp.; Jim Hoffman, Executive Vice President of Alliant Energy Corporation; Tom Lister, General Partner of Forstmann Little & Co.; and Peter Ueberroth, Owner and Co-Chairman of The Contrarian Group, Inc.
Biographies of New Directors
Jeong H. Kim, Ph.D. was most recently President of the Optical Networking Group at Lucent Technologies, which he joined in 1998 after Lucent acquired Yurie Systems for $1.1 billion. He founded Yurie Systems, a high-tech communications equipment company, in 1992, and served as Chairman and CEO until its acquisition by Lucent. Kim's early career encompassed computer design, satellite systems design and data communications, and included seven years as a Nuclear Submarine Officer in the U.S. Navy. He holds a Ph.D. in Reliability Engineering from the University of Maryland, and a Master's in Technical Management from Johns Hopkins University. Among his service commitments, Kim served on an eight member Presidential Commission on Review of U.S. Intelligence. He currently serves as a Trustee of Johns Hopkins and on the board of In-Q-Tel, a government-funded technology company.
Farid Suleman has been the CEO of Citadel Communications and a Special Limited Partner of Forstmann Little & Co. since March 2002. Prior to joining Forstmann Little, he was President and CEO of Infinity Broadcasting Corp., one of the largest radio broadcasting and outdoor advertising companies in America. He was previously Executive Vice President, Chief Financial Officer, Treasurer and Director of Infinity Broadcasting Corp. and also Senior Vice President of CBS Station Group. Suleman is a Director of Westwood One and was also Westwood One's Executive Vice President and Chief Financial Officer.
Juan Villalonga most recently served as Chairman and CEO of Telefonica Group from 1996 to 2000, and was instrumental in Telefonica's transformation into one of Europe's four largest telecommunications companies and the leading telecommunications company in Latin America. While at Telefonica, Villalonga also created the Internet portal Terra Networks, and led its $12.5 billion acquisition of U.S. portal Lycos. Previously, he headed the activities of Bankers Trust Company in Spain and Portugal, and was CEO of Credit Suisse First Boston in Spain. Earlier in his career, he was a partner at the international consulting firm, McKinsey & Co., where he worked for nine years throughout the United States, Portugal, Spain and Italy. He serves on the Boards of Univision and Banco Espirito Santo Group, and is a member of the Advisory Board of Ben Gurion University.
McLeodUSA provides integrated communications services, including local services, in 25 Midwest, Southwest, Northwest and Rocky Mountain states. The Company is a facilities-based telecommunications provider with, as of March 31, 2002, 43 ATM switches, 59 voice switches, 499 collocations, 526 DSLAMs and 7,900 employees. Visit the Company's web site at www.mcleodusa.com.
Some of the statements in this press release include statements about our future expectations. Statements that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Exchange Act and Section 27A of the Securities Act. Such statements include projections of financial and operational results and goals, including revenue, EBITDA, profitability, savings and cash. These forward-looking statements are subject to known as well as unknown risks and uncertainties that may cause actual results to differ materially from our expectations. Our expectations are based on various factors and assumptions and reflect only our predictions. Factors that could cause actual results to differ materially from the forward-looking statement include technological, regulatory, public policy or other developments in our industry, availability and adequacy of capital resources, current and future economic conditions, the existence of strategic alliances, our ability to generate cash, our ability to implement process and network improvements, our ability to attract and retain customers, our ability to migrate traffic to appropriate platforms and changes in the competitive climate in which we operate. These and other risks are described in more detail in our most recent Annual Report on the form 10K and form 10K/A both filed with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 5, 2002|
|Previous Article:||Univision and TeleFutura World Cup Coverage Shatters Viewing Records With 49% Increase Among Men 18-49 Over 1998.|
|Next Article:||92.8% of Shareholders Receive CPOs Under CEMEX's Stock Dividend Program.|