FairPoint begins search for new CEO
FairPoint Communications Inc. has begun the search for a new chief executive to replace co-founder Eugene Johnson, but says it has no timeline for a switch.
The Wall Street Journal yesterday reported that the telecommunications company has hired an executive recruiter to replace Chairman and CEO Johnson, and quoted an anonymous source as saying that "the enterprise has outgrown him." But Charlotte, N.C.-based FairPoint today said it has no deadline to replace Johnson, whose contract expires at the end of 2009, according to the Associated Press. FairPoint in March acquired Verizon's landline operations in Maine, New Hampshire and Vermont for $2.3 billion.
Meanwhile, FairPoint reported $328.3 million in revenues for the third quarter of 2008, down 4.8% from the second quarter, according to a press release from the company. FairPoint attributed the decline in part to a mandated local rate reduction in Maine, which went into effect in August 2008. Adjusting for the impact of that rate reduction, the company says the quarter over quarter revenue would have declined by less than 1%.
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