Frontier Announces Appointment of Woody Young to its Board of Directors
February 05 2024 - 7:00AM
Business Wire
Provides Value Creation Update
Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”
or the “Company”) today announced the appointment of Woody Young to
its Board of Directors, effective immediately.
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the full release here:
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Mr. Woody Young (Photo: Business
Wire)
Mr. Young is the former Chairman of Mergers and Acquisitions at
Perella Weinberg Partners, where he also led the firm’s U.S.
telecommunications and media advisory businesses. He previously
served as the Co-Head of Global Telecommunications, Media, and
Technology at Lazard.
“We are delighted to welcome Woody Young to Frontier,” said John
G. Stratton, Executive Chairman of the Board of Frontier. “Woody
brings decades of experience as an investment banker in the telecom
industry, as well as deep operational and financial expertise. We
look forward to benefitting from Woody’s insight as we build the
leading provider of fiber internet access in America and drive
shareholder value.”
Mr. Young added, “This is a compelling time to join the Frontier
board. I look forward to working closely with Frontier’s directors
and management to help execute its strategy, analyze capital
allocation and value creation opportunities, and continue the
Company’s strong progress.”
With Mr. Young’s appointment, the Frontier Board will expand to
ten members, eight of whom are independent. The Board brings
diverse and extensive experience across key disciplines, including
technology, telecom, finance, operations, transactions, legal and
regulatory, human capital, and shareholder value creation.
Value Creation Update
Mr. Stratton continued, “Since we began this turnaround in 2021,
the team has successfully executed our fiber-first strategy. Over
the last three years, we have doubled our fiber footprint, rapidly
expanded our fiber customer base, achieved year-over-year EBITDA
growth in 2023, and completed a landmark fiber securitization
transaction.
As Frontier enters the next phase of its evolution, we believe
that there are opportunities to create additional value for our
shareholders. Accordingly, the Board and management team are
executing a formal and comprehensive review process of all
opportunities to unlock shareholder value, including continued
optimization of our operational and financing strategy, strategic
partnerships, joint ventures, divestitures, mergers, and business
combinations.
We appreciate the constructive and helpful input from our
shareholders and look forward to providing updates on our progress
as we execute our plan.”
About Woody Young
Woody Young has had a 30+ year career in investment banking,
with extensive experience in telecommunications M&A. He served
as the Chairman of Mergers and Acquisitions at Perella Weinberg
Partners, in addition to leading the firm’s U.S, telecommunications
and media advisory businesses. Previously, he was the Co-Head of
Global Telecommunications, Media, and Technology at Lazard. During
his career, Mr. Young has advised companies on some of the most
notable deals in the telecommunications sector, including
AT&T’s acquisition of Time Warner and Sprint’s merger with
Nextel Communications. He previously worked at Merrill Lynch,
Lehman Brothers, First Boston, and Bain & Company. He also
served as a White House Fellow and special assistant to the Deputy
Secretary of the U.S. Treasury from 1991-1992. Mr. Young is a
member of the Council on Foreign Relations. Most recently, Mr.
Young served as President and a board member of Solidigm.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” related to
future events. Forward-looking statements address our expectations
or beliefs concerning future events. These statements are made on
the basis of management’s views and assumptions, as of the time the
statements are made, regarding future events and performance and
contain words such as “believe” or “look forward.” Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. A wide range of factors could materially affect
future developments and performance, including, but not limited to,
uncertainties related to market conditions and other factors set
forth in our other filings with the U.S. Securities and Exchange
Commission (the “SEC”). This list of factors that may affect future
performance and the accuracy of forward-looking statements is
illustrative and is not intended to be exhaustive. You should
consider these important factors, as well as the risks and other
factors contained in our filings with the SEC, including our most
recent reports on Form 10-K and Form 10-Q. These risks and
uncertainties may cause actual future results to be materially
different than those expressed in such forward-looking statements.
We do not intend, nor do we undertake any duty, to update any
forward-looking statements.
About Frontier
Frontier (NASDAQ: FYBR) is the largest pure-play fiber provider
in the U.S. Driven by our purpose, Building Gigabit America®, we
deliver blazing-fast broadband connectivity that unlocks the
potential of millions of consumers and businesses. For more
information, visit www.frontier.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240205071834/en/
Investors Spencer Kurn SVP, Investor Relations +1
401-225-0475 spencer.kurn@ftr.com
Media Chrissy Murray VP, Corporate Communications +1
504-952-4225 chrissy.murray@ftr.com
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