Hopefully R. Perley McBride's family reacted better than Wall Street to the news that he was leaving Frontier Communications to "spend more time with his family."
McBride, executive vice president and chief financial officer of the struggling CSP, today revealed he is resigning from Frontier. He plans to remain in his position until Aug. 31 to help his replacement transition into the new role, then move back to Atlanta where his family lives. Frontier said it is now actively seeking a new CFO.
Upon news of McBride's departure, Frontier's stock dropped 6.7% to the lowest point it's been since February, according to Seeking Alpha.
"[McBride] has been a major contributor to our company during pivotal times. In particular, Perley has done a tremendous job managing our balance sheet. He has negotiated improvements in the terms of our credit agreements, raised $1.6 billion of new second lien debt, and retired approximately $1.7 billion of unsecured notes," said Daniel McCarthy, Frontier president and CEO, in a statement.
"These steps, together with the stabilization in our business as reflected in our most recent quarterly results, have placed Frontier on a positive path forward," he added.
It wasn't long ago that TV was ranked by subscribers as the most important service in the bundle provided by their communications service provider (CSP). Recent research indicates that for nearly three quarters of subscribers, broadband is now the most important service. Broadcast TV is the most important service to only 15% of North American consumers, replaced by OTT video streaming platforms like Netflix, Amazon Prime and Disney+. In addition, many different competitors are moving aggressively to stake a claim in consumers' homes.
In 2020, CSPs need to fight back by transforming their business models, which are becoming more reliant on a single source of revenue: fixed broadband services.
This webinar will focus on helping CSPs transform their business models by placing a firm focus on delivering a sensational subscriber experience and by offering compelling new services that generate value for subscribers. These actions will reinforce the CSP's strategic position in the home network and position themselves for growth in the next decade.
Key topics include:
Being the first to market with WiFi 6 technology, in response to consumer purchases of new devices over the holidays;
Having the insights needed to proactively resolve issues, often before your subscribers even know that there are issues;
Providing help desk agents with the visibility they need to resolve common subscriber issues more quickly;
Delivering a mobile app, in response to consumer demands for the ability to do some things themselves, rather than having to call technical support; and
Addressing consumer concerns around device security, privacy and control with enhanced security and parental controls.
In this insightful Light Reading radio show, Kurt Raaflaub, Head of Strategic Solutions Marketing, will outline the key service provider challenges, deployment considerations, next-gen Gigabit technologies, and service models to win market share in the rapidly growing MDU market.