Frontier Communications CFO Perley McBride is resigning at the end of the summer due to personal reasons, the company announced Thursday.
McBride will stay on in his role until Aug. 31 to help transition, and return to Atlanta where his family lives, according to Frontier.
Frontier said the search for a replacement is underway.
“We announce Perley’s resignation with regret. He has been a major contributor to our company during pivotal times,” said Frontier CEO Daniel McCarthy in a statement. “In particular, Perley has done a tremendous job managing our balance sheet. He has negotiated improvements in the terms of our credit agreements, raised $1.6 billion of new second lien debt, and retired approximately $1.7 billion of unsecured notes. These steps, together with the stabilization in our business as reflected in our most recent quarterly results, have placed Frontier on a positive path forward. On behalf of everyone at Frontier, I wish Perley and his family the best in the future.”
McBride has been EVP and CFO since Sept. 2016, when he succeeded John Jureller who stepped down to pursue other opportunities. McBride spent more than a decade at the telecom earlier in his career, first joining the company in 1994 when it was still called Citizens Communications. Before rejoining Frontier as CFO, McBride held chief revenue officer positions at Cable & Wireless Communications and Cricket Wireless.
Frontier’s stock was down 6.7 percent on the news of McBride’s departure.
