- After about 18 years in the position
- Accolades and praise for Prior
- Brad Martin taking over
- Prior will remain as Executive Chairman at ATN
- Prior made a lengthy statement and said 333 words
(exechange) — Beverly, Massachusetts, November 16, 2023 — Michael Prior, chief executive of ATN, leaves his position. As announced by ATN International Inc. in a news release published on Wednesday, November 15, 2023, and in a regulatory filing published on Thursday, November 16, 2023, Michael T. Prior leaves his post as chief executive officer at the provider of digital infrastructure and communications services, after about 18 years in the role, effective January 1, 2024.
It is the end of an era.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Michael Prior’s duties as CEO will be taken over by Brad W. Martin, currently Chief Operating Officer at ATN International Inc.
Michael Prior’s move coincides with a management shake-up also involving the position of Chief Financial Officer.
Chief Financial Officer Justin Benincasa will retire from the Company in March 2024 following the completion of the Company’s year-end close process and reporting. Carlos Doglioli will join ATN in January 2024 and will become CFO upon Benincasa’s retirement.
“The result of a detailed succession planning process”
The management change is explained as follows. Prior stated: “This leadership transition is the result of a detailed succession planning process undertaken by the board of directors and designed to ensure the continuity of our leadership team and the long-term success of ATN.”
Prior will remain as Executive Chairman at ATN
ATN stated: “ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), today announced that Chief Operating Officer Brad Martin will succeed Michael Prior as President and Chief Executive Officer of ATN effective January 1, 2024, and join the board of directors. At that time, Mr. Prior will become Executive Chairman of the Company.”
Share price decline since November 2018
The announcement follows a decline in ATN International Inc.’s share price of 61% since November 2018.
In the position of CEO since 2005
Michael Prior became CEO of the Company in 2005.
Michael T. Prior is the Chairman of the Board of Directors and has been the Company’s President and Chief Executive Officer since December 2005 and an officer of the Company since June 2003.
He was elected to the Board in May 2008.
Previous to joining the Company, Prior was a partner with Q Advisors LLC, a Denver based investment banking and financial advisory firm focused on the technology and telecommunications sectors.
Prior began his career as a corporate attorney with Cleary Gottlieb Steen & Hamilton LLP in London and New York.
He received a B.A. degree from Vassar College and a J.D. degree summa cum laude from Brooklyn Law School.
Prior currently serves on the Board of Directors of the Competitive Carriers Association.
In 2008, Prior was named Entrepreneur of the Year for the New England Region by Ernst & Young LLP and One of America’s Best CEOs by DeMarche Associates, Inc.
333 words by Michael Prior
In the release announcing his departure as CEO of ATN International Inc., Michael Prior received accolades and praise.
In announcing his departure, Michael Prior made a lengthy statement and said 333 words.
“Weathered many challenges”
Michael Prior stated: “This leadership transition is the result of a detailed succession planning process undertaken by the board of directors and designed to ensure the continuity of our leadership team and the long-term success of ATN. I am grateful to my colleagues and members of the Board, past and present, for their support, fellowship and guidance during my tenure as CEO, and I will continue to rely on that support in my new role. We have achieved many successes and weathered many challenges over the years. Through it all we have maintained our strong corporate culture, our commitment to the people and communities we serve, and our focus on delivering value for our shareholders. As we look ahead, we are focused on executing our Glass & Steel TM and First-to-Fiber strategy, generating higher returns on our extensive investments by growing our customer base, and enhancing operating and capital efficiency. With his focus on execution and operational efficiency, I believe that Brad is the ideal person to lead this next phase of growth for ATN. He has demonstrated his capabilities and market knowledge over the past five years as our Chief Operating Officer. I am excited to see Brad take this next step in leading ATN, and I look forward to working closely with him and our global team… Since joining ATN in 2006, Justin Benincasa has been an outstanding Chief Financial Officer and an essential partner for me and the entire ATN team. He has built a top-quality finance and accounting team, strengthened ATN’s processes and controls, provided the tools and insight for our operating teams to execute at a high level, and supported our strong relationships with the investment community, as well as peers and partners in the telecommunications industry. I wish him the very best as he embarks on retirement. At the same time, I am excited to welcome Carlos Doglioli to ATN. He brings significant telecommunications experience, deep knowledge of international markets, and a strong track record of financial and operational leadership.”
Push-out Score for Michael Prior’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Michael Prior was pushed out or felt pressure to leave his position.
exechange reached out to ATN and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2023 ($).