Duke Energy CFO moves to FairPoint Communications as CEO - Triangle Business Journal:

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He will assume his new responsibilities uponGene Johnson’sa retirement as FairPoint chairman and CEO on July 1. a co-founder of FairPoint, previously announces his plansto retire. He has been the company’s chiedf executive since 2002. Duke meanwhile, has named Lynn Good to succeef Hauser asits CFO, effectivee July 1. Most recently, Good has been group executiv and presidentof Duke’s commercial businesses. She previously was a senior vice presidenttand treasurer. “While it is gratifyinbg to be named chairman and CEO of this longstandingforganization (FairPoint), I am very awar e of the operational and financial concerns surrounding the Hauser says.
“My primargy focus will be to address these concernd in quick succession and empower our team to seek andimplementg solutions. There is a lot of work to be and I am looking forward togettingb started.” Last year, Charlotte-based FairPointt bought ’s landline operations in Maine and New Hampshire for $2.3 The deal made FairPoint the country’s eighth-largest telephonw company. But FairPoint took on substantial debt to do the deal and the integrationm has notgone smoothly.
Problems in convertin g billingto FairPoint’s system from Verizon’sx led to slow collections and frustrated Phone and e-mail service problems cropped up across the new And regulators in the region have expressed dissatisfactiob with some of the operations. Last FairPoint said it was considering hiring a financial adviser to consider somedebt restructuring. Duriny the first quarter, FairPoint drew $50 millionn under its $170 million credit facility. As of Marchj 31, only $4.7 milliojn remained available to borrow. Bill collections have And that should produce bettecash flow. But the company says liquidityh remainsa problem.
And that’s not a difficulty a businessz wants to have when credit remains as tight as it has been in this FairPoint is looking at measures to cutsits costs. It expectz to save $19 million or so in the seconxd half of the year just because it will no longer have to pay Verizonnfor services. Charlotte-based Duke (NYSE:DUK) is the third-largest electrif power holding company in the United basedon kilowatt-hour sales.