T-Mobile’s Chief Financial Officer Braxton Carter is retiring, and T-Mobile has named Peter Osvaldik as its new CFO. Osvaldik, who is currently SVP and chief accounting officer for the carrier, will assume his new role on July 1.
Carter was CFO with MetroPCS when it merged with T-Mobile in 2013. Upon the merger, he was named Executive Vice President and CFO of T-Mobile. In total, he’s spent more than 19 years at MetroPCS and T-Mobile. He’ll remain available to the company as a strategic advisor through at least December 31, 2020.
Carter was part of the team of top executives who shepherded T-Mobile to its ascension as a top wireless carrier in the United States. And he’s been integral to the complicated financial merger between Sprint and T-Mobile.
On T-Mobile’s most recent earnings call, Carter was asked if he planned to retire. He said, “I was supposed to retire two years ago. I've extended three times. Ultimately whatever capacity, I love this company. And in some form, I will definitely be part of the future.”
T-Mobile CEO Mike Sievert said of Carter, “Quarter after quarter, Braxton led the charge in translating T-Mobile’s record customer growth into record financial results. His tireless advocacy on behalf of T-Mobile gave us room to grow and set us up for longer term success. I can’t thank Braxton enough for everything he’s done for this company. We will miss him – and his signature magenta cowboy hat – tremendously.”
Sievert said the company conducted “an extensive months-long internal and external succession planning and search process,” resulting in Osvaldik’s appointment.
Osvaldik joined T-Mobile in January 2016 as vice president of external reporting and technical accounting. He was soon promoted to chief accounting officer in June 2016.
Today Sievert said in a statement, “Peter brings his proven leadership capabilities and strong financial acumen into this position at a critical time in the un-carrier’s history, as we manage the significant complexities and huge opportunities inherent in this next chapter, integrating Sprint and delivering on the financial potential of the new T-Mobile.”
New Street Research analyst Jonathan Chaplin said, “Peter has been a part of the un-carrier as chief accounting officer for years. Many investors will know him. We suspect most will be pleased 1) that it is resolved; 2) that it is someone who is known and whom fits well with T-Mobile’s culture and 3) that Braxton will stay on through year end. On a winning team, continuity is good.”
However, T-Mobile does have some hefty challenges in the near term. Yesterday, there was an outcry after the company told a group of former Sprint employees that there would be layoffs. The news came just a couple of months after T-Mobile’s acquisition of Sprint. During the two-year-long merger process, former T-Mobile CEO John Legere repeatedly said that the New T-Mobile would create jobs, not cut jobs.
Today, the company attempted to clarify its position on jobs, saying that it needed to re-organize, but it was embarking on a one-year initiative that would ultimately result in new jobs.
“To meet our business objectives we have kicked off an ambitious hiring initiative to add 5,000 new positions over the next year,” stated T-Mobile.
Those new jobs will be in multiple departments across the company, with a focus on retail, customer care, T-Mobile for Business, engineering and network organizations.