- Signs for push-out forces
- After around four years on the job
- Laud, praise and thanks for Torbeck
- Leigh Fox taking over
(exechange) — Cincinnati, Ohio, March 02, 2017 — Ted Torbeck, chief executive of Cincinnati Bell, leaves. As announced by Cincinnati Bell Inc. in a news release and in a regulatory filing published on Thursday, March 02, 2017, Theodore H. (Ted) Torbeck leaves the post as Chief Executive Officer at the telephone company after around four years on the job, effective May 31, 2017.
Torbeck’s duties are taken over by Leigh R. Fox, currently President and Chief Operating Officer at Cincinnati Bell Inc.
The management change is explained as follows. Cincinnati Bell said: “Mr. Fox’s appointment has been approved by the board of directors consistent with the Company’s established succession plan.”
Cincinnati Bell said: Torbeck “will retire on May 31, 2017”.
Share price decline
The change follows a decline in the share price of Cincinnati Bell Inc. since January 2017.
Chaired by Phillip R. Cox
Cincinnati Bell Inc. is chaired by Phillip R. Cox.
Cox has been President and Chief Executive Officer of Cox Financial Corporation (a financial planning services company) since 1972.
On the job as CEO since 2013
Torbeck has led Cincinnati Bell as chief executive officer since January 2013.
Torbeck joined Cincinnati Bell in 2010 as President and General Manager of Cincinnati Bell Communications.
In that role, he was responsible for all Cincinnati-based communications businesses, which include Cincinnati Bell Telephone and other wireline companies, Cincinnati Bell Wireless and CBTS.
Prior to joining Cincinnati Bell, Torbeck was Chief Executive Officer of the Freedom Group, a subsidiary of Cerberus Capital Management, which is a private equity firm.
In this role, Torbeck acquired nine companies and integrated them into one entity.
Torbeck worked more than 25 years for the General Electric Co.
He served as the Vice President of Operations for GE Industrial Business, President and CEO of GE’s Rail Services business as well as Vice President of Global Supply Chain for GE Aviation.
A native of Cincinnati, Torbeck earned his B.S. in Marketing from Miami University in Oxford, Ohio, and his MBA at Xavier University, where he is currently a Board Trustee member.
He is on the Board of Directors for United Way of Greater Cincinnati and is chairing the 2016 campaign.
In addition, he serves on the boards of the USA Regional Chamber, 3CDC, REDI Cincinnati and The Health Collaborative.
Torbeck is a member of the Cincinnati Business Committee, the Board of Governors at the Queen City Club, the Business Leaders Alliance and the United States Telecom Association.
He is also a member of the Commercial Club.
After his retirement, Torbeck plans to remain a member of the Company’s board of directors and will devote his time and attention to ensuring a smooth transition of his duties to Fox.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ted Torbeck’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 10.2017 ($).