- Push-out Score determined
- After about five years in the position
- Praise, thanks and good wishes for McCarthy
- Bernie Han taking over
- McCarthy said 72 words
(exechange) — Norwalk, Connecticut, December 3, 2019 — Dan McCarthy, chief executive of Frontier Communications, leaves. As announced by Frontier Communications Corp. in a news release and in a regulatory filing published on Tuesday, December 3, 2019, Daniel J. (Dan) McCarthy leaves his post as Chief Executive Officer at the telecommunications company after about five years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Dan McCarthy’s duties as CEO will be taken over by Bernard L. (Bernie) Han, most recently Executive Vice President of Strategic Planning of Dish Network Corp.
The fact that Dan McCarthy’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To improve Frontier’s operational, financial and strategic position”
A reason for Dan McCarthy’s departure from the CEO post was not explicitly provided. Pamela D. A. Reeve, Independent Chairman of Frontier’s Board of Directors, said: “As we continue to take action to improve Frontier’s operational, financial and strategic position, now is the right time to transition leadership.”
Precise information regarding Dan McCarthy’s future plans was not immediately available.
“Stepping down”
Frontier Communications said: “Mr. Han succeeds Daniel McCarthy, who is stepping down as President and Chief Executive Officer and from his position on the Board.”
Frontier Communications further said: “On December 3, 2019, the Board of Directors (the “Board”) of Frontier Communications Corporation (the “Company”) appointed Bernard L. Han as President and Chief Executive Officer of the Company and as a member of the Board, effective immediately. Mr. Han succeeds Daniel J. McCarthy, who stepped down as President and Chief Executive Officer and from his position on the Board as of such date.”
Share price decline
The announcement follows a decline in Frontier Communications Corporation’s share price of 99% since December 2014.
Chaired by Pamela D. A. Reeve
Frontier Communications Corporation is chaired by Pamela D. A. Reeve.
Pamela D. A. Reeve was President and Chief Executive Officer, a director, and held various executive positions at Lightbridge, Inc., a global provider of mobile business software and technology solutions.
In the position of CEO since 2015
Dan McCarthy became CEO of the Company in 2015.
McCarthy served as the President and Chief Executive Officer of Frontier Communications Corporation and has been with Frontier since December 1990.
Prior to becoming President and Chief Executive Officer in April 2015, McCarthy held other positions of responsibility at Frontier, including President and Chief Operating Officer (April 2012 to April 2015), Executive Vice President and Chief Operating Officer (January 2006 to April 2012) and Senior Vice President, Field Operations (December 2004 to December 2005).
McCarthy serves on the Board of Directors of Sacred Heart University in Fairfield, Connecticut and Stetson University in DeLand, Florida.
He is also a member of the Board of Directors of the Western Connecticut Health Network, the Board of Directors of the Business Council of Fairfield County, and a member of the Business Roundtable.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Frontier Communications and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2019 ($).