Eircom CEO Hribar stands down

Eircom is on the hunt for a new CEO after Herb Hribar quit the role with immediate effect a few days after the company backed down from plans to list on the stock market.

Eircom CEO, Herb Hribar

The Irish incumbent today revealed it has appointed CFO Richard Moat as acting CEO to steer the company's development while it searches for a replacement for Hribar, who was appointed CEO in 2012. A company statement reveals Hribar is returning to the U.S. and that the board will now begin the recruitment process for his successor.

Eircom chairman Padraig McManus said Hribar has led the company through a "critical juncture of our transformation" during which time he oversaw "a network investment programme that has significantly upgraded our capability."

During his tenure Hribar oversaw the rollout of eircom's 4G (LTE) network and the build of "Ireland's largest fibre network" McManus continued, noting that the CEO achieved those successes "while reducing our cost base and improving our competitiveness."

McManus backed Moat to continue Hribar's success, noting that the CFO has the "experience, knowledge and enthusiasm" to ensure the business continues to succeed.

The company exceeded its cost savings target of €100 million ($126 million) in the year to end-June, and generated stable earnings before interest depreciation and amortisation (EBITDA) of €3 million--a drop of 1 per cent on its previous fiscal year. The operator ended the year with just over 1 million mobile customers.

Eircom revealed last week that it would not proceed with plans for an initial public offering (IPO), after considering the move as part of a broader strategic review of its operations. The operator said shareholders preferred to focus on generating a return on its infrastructure investments than a flotation.

Hribar and Moat were brought in to lead Eircom by financial companies that took control of the operator after it filed for the largest bankruptcy in Ireland's corporate history in 2012. The company sought protection for €3.75 billion worth of debt, and was placed under the control of at least 100 lenders.

For more:
- read Eircom's CEO announcement
- view the operator's recent earnings statement

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Eircom says IPO among its options to improve balance sheet as competition increases

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