Eircom CEO Herb Hribar has decided not to renew his contract and will step down as CEO with immediate effect.
Hribar announced his decision to the board who appointed chief financial officer Richard Moat as acting CEO while the search for a new permanent Eircom Group CEO begins.
Hribar became CEO of Eircom Group in September 2012, the same time Moat was made the group’s CFO.
Hribar’s background in telecommunications includes a role as president at Ameritech Wireless in the US and, according to chair of Eircom’s board Padraig McManus, he plans to return to the US.
McManus issued a statement thanking Hribar for his efforts and achievements over the past two years as Eircom Group CEO.
“Herb has led Eircom through a critical juncture of our transformation and overseen a network investment programme that has significantly upgraded our capability. He has tirelessly dedicated himself to reshape the company and deliver world-class products and services to our customers,” he said.
McManus also commended Hribar on growing Eircom’s fibre network and its 4G mobile services while reducing costs and improving competitiveness. In March this year, Eircom claimed it had become the largest fibre broadband operator in Ireland with the capability of reaching 750,000 customers.
Eircom filed for protection from its creditors in 2012 and, under Hribar’s leadership, restructured its debt from €3.7bn to €2.2bn.
Recently, the company abandoned its plans to raise a potential €1bn with an IPO, deciding instead to focus on accelerating this positive momentum.
Commenting on the appointment of Moat as action CEO, McManus is confident that the executive director has the experience, knowledge and enthusiasm for the business to ensure that its recent success continues.