WideOpenWest announced last week that telecom veteran Teresa Elder has taken the helm as the cable operator’s new CEO.
She is replacing Steven Cochran, who was promoted from CFO to CEO in 2014 and is retiring after spending 15 years at the company. Cochran is stepping down to an advisory role through the end of June 2018.
A telecom executive for more than 20 years, Elder served as founding president of Clearwire Wholesale until 2011 before it was acquired by Sprint. Before that she was CEO of Vodafone Ireland and president of AT&T Broadband West, which was purchased by Comcast. Prior to that Elder served as SVP of the western region for MediaOne.
“We are delighted that Teresa Elder has joined WOW as CEO. She is a highly experienced executive with a demonstrated track record of operational success within the tech, telecom and cable industries,” Jeff Marcus, chairman of the board of WOW, said in a statement. “Her passion for building businesses and her knack for innovation, make Teresa the ideal executive to lead our company forward.”
Elder is also chair of the management board at Stanford’s Gradutate School of Business, and recently became a member of the board of trustees for the Cystic Fibrosis Foundation.
She earned an MS in Management from the Stanford University Graduate School of Business, where she was class president and a Sloan Fellow.
“It is truly an honor to join WOW’s talented team,” Elder said. “With our entrepreneurial spirit, very competitive gigabit speeds and strong balance sheet, we are uniquely positioned for the future. I look forward to working with the WOW team to deliver exceptional experiences to our customers, growth to our shareholders and a great workplace for employees. In the days and months to come, I will be working closely with our team and Board to craft and then implement a business strategy, grounded in operational excellence and innovation, thereby empowering WOW to reach its full potential – for the benefit of all stakeholders.”
WOW, which has laid out plans to deploy 1 Gbps internet service to more than 95 percent of its existing footprint by February 2018, went public last May.
Last week the company also announced it had closed on its sale of 1,200 miles of its Chicago area fiber network to Verizon for $225 million cash, which WOW said will be used to pay down existing debt related to the company’s revolving credit agreement and to reinvest in its business.
Part of the deal includes a new construction agreement in which Verizon will pay $50 million for WOW to complete the build-out of the Chicago network, payable as the remaining network elements are completed. The buildout is expected to be completed in the second half of 2018.