- Push-out Score determined
- After seven years in the position
- Praise, thanks and good wishes for Meyers
- LT Therivel taking over
(exechange) — Chicago, Illinois, June 4, 2020 — Ken Meyers, chief executive of U.S. Cellular, leaves his position. As announced by United States Cellular Corp. in a news release published on Monday, June 1, 2020 and in a regulatory filing published on Thursday, June 4, 2020, Kenneth R. (Ken) Meyers leaves his post as chief executive officer at the fourth-largest full-service wireless carrier in the United States after seven years in the role, effective July 1, 2020.
Meyers leaves the company effective September 4, 2020.
Ken Meyers’s duties as CEO will be taken over by Laurent C. (LT) Therivel, most recently Chief Executive Officer of AT&T Mexico.
It is a generational change as well. LT Therivel is about 21 years younger than Ken Meyers.
The fact that Ken Meyers’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.
“A result of an orderly succession planning process and an extensive search”
Ken Meyers’s departure from the CEO post is explained as follows. LeRoy T. Carlson, Jr., Chairman of U.S. Cellular and President and CEO of TDS, said: “As a result of an orderly succession planning process and an extensive search, we are very pleased to announce LT’s appointment.”
Precise information regarding Ken Meyers’s future plans was not immediately available.
“Retire”
U.S. Cellular said: “Kenneth R. Meyers will be appointed to “Senior Advisor to the CEO” until his retirement on September 4, 2020.”
U.S. Cellular further said: “Kenneth R. Meyers provided notice on June 1, 2020 that he will retire as President and Chief Executive Officer and as a director of U.S. Cellular, effective July 1, 2020, and that Laurent C. Therivel had been appointed as President and Chief Executive Officer and as a director of U.S. Cellular, effective July 1, 2020.”
“Did not resign due to any disagreement”
“Kenneth R. Meyers did not resign due to any disagreement with U.S. Cellular. Mr. Meyers has been appointed to serve as Senior Advisor to the Chief Executive Officer from July 1, 2020 through September 4, 2020, at which time he will retire from employment with U.S. Cellular,” U.S. Cellular said.
Share price decline
The announcement follows a decline in United States Cellular Corp.’s share price of 14% since June 2013.
Chaired by LeRoy T. Carlson, Jr.
United States Cellular Corp. is chaired by LeRoy T. Carlson, Jr.
In the position of CEO since 2013
Ken Meyers became CEO of the Company in 2013.
Meyers and Therivel will work closely to ensure a smooth transition period.
Therivel will also be appointed to replace Meyers on both the U.S. Cellular and TDS Boards of Directors.
Kenneth R. Meyers is president and chief executive officer of U.S. Cellular, a position he has held since June 2013.
Previously, Meyers was the executive vice president and chief financial officer of TDS and prior thereto he was executive vice president and chief financial officer of U.S. Cellular.
His career with U.S. Cellular began in 1987, and he held several executive leadership roles within the company providing him experiences in marketing, human resources and information resources in addition to his financial role.
Meyers is on the board of directors of both TDS and U.S. Cellular.
Before joining U.S. Cellular, Meyers worked for a start-up manufacturer of advanced materials, and he held several financial and accounting positions with the Marmon Group and Trans Union Corporation.
Meyers, a certified public accountant, earned a bachelor’s degree in business administration from Loyola University in Chicago and a master’s degree in business administration from the Kellogg School of Management at Northwestern University in Evanston, IL.
He is married and has two adult daughters.
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 U.S. Cellular and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2020 ($).