Alltel to restructure post-acquisition

LITTLE ROCK, Ark.--Alltel today announced a new management structure that will be effective at close of its pending acquisition. Alltel is expected to close its merger with TPG Capital and GS Capital Partners (GSCP) on Nov. 16.

At close, Jeffrey Fox, Alltel’s group president of shared services, will become chief operating officer of the company. Fox will report to Scott Ford, who will remain as president and chief executive officer.

Also reporting to Ford will be Rick Massey, in a new role as chief strategy officer while continuing as general counsel; C.J. Duvall, executive vice president of human resources; and Sharilyn Gasaway, executive vice president and chief financial officer.

John Ebner and Kerry Brooks also will report to Ford. Ebner, currently senior vice president of investor relations and treasurer, will lead sponsor relations to coordinate activities with the private equity groups. Brooks, currently executive vice president of wireless wholesale operations, will take a new role leading the transformational steps Alltel’s business will undertake in 2008 and thereafter.

Holly Larkin, currently senior vice president of corporate governance, will become an officer of the company in her new role as treasurer and secretary. Larkin will report to Gasaway.

Kevin Beebe, currently group president of operations, has accepted a role as consultant to Alltel and TPG and GSCP. In his new role, Beebe will work with both firms on their current portfolios and new investment possibilities.

“This structure will ensure that Alltel continues to build momentum in the marketplace as we enter a new phase in our history,” Ford said. “As COO, Jeff will maintain Alltel’s tradition of operational excellence, which includes focusing on superior customer service. This change also gives Kevin a tremendous opportunity to work with two of the leading private equity firms in the world while continuing to assist the Alltel team.”

Alltel operates America’s largest wireless network, which delivers voice and advanced data services nationwide to over 12 million customers. Headquartered in Little Rock, Ark., Alltel is a Forbes 500 company with annual revenues of nearly $8 billion.

Alltel, NYSE: AT

www.alltel.com