Eircom reveals new CEO Herb Hribar, plus new CFO Richard Moat
Telecoms operator Eircom Group has today revealed two new appointments at the company. Herb Hribar is to become group chief executive officer and Richard Moat is set to be group chief executive financial officer.
Both Hribar and Moat will take up their roles in early September. Hribar will be replacing current CEO Paul Donovan.
Hribar has operational experience in the telecommunications and TV industries both in the US and Europe. For instance, he has been president of Ameritech Wireless in the US, managing director of the cable operator Kabel Deutschland, and COO of Cablecom in Switzerland.
He also served as managing director wholesale/networks at Eircom from 2002 to 2004.
As for Moat, according to Eircom, he has more than 20 years of international mobile experience. He most recently led T-Mobile UK as its managing director, before becoming deputy chief executive and chief financial officer of Everything Everywhere.
Eircom's new chairman Ned Sullivan spoke today about how Hribar and Moat are joining the operator at time when Eircom has a recently restructured balance sheet.
In June, Eircom exited examinership with new capital and shareholders in place. Its three companies Eircom Ltd, Meteor Mobile Communications Ltd and Irish Telecommunications Investments Ltd had been placed under examinership in March.
The company created a simplified capital structure and a new holding company: Eircom Holdings (Ireland), which is owned entirely by the group's lenders.
The examinership process removed €1.7bn worth of debt from Eircom's balance sheet, about 40pc of group debt. At the time, Eircom said it would be now embarking on a five-year business plan that would include a €1m home-fibre broadband plan.
"Herb will lead the continued transformation of Eircom, including the investment in our fibre network that will support new high bandwidth products to further position the business for the future," said Sullivan today.
Sullivan also wished Donovan success, as he is set to return to the UK.