The airline has added a $250 million reverse termination fee, payable to Spirit shareholders if the proposed merger is blocked by antitrust regulators.
News Wire Feed Light Reading 12/15/2020
NORWALK, Conn. – Frontier Communications Corporation (OTC: FTRCQ) ( Frontier ) announced today that it intends to appoint Nick Jeffery as the Company s next President and Chief Executive Officer, effective March 1, 2021, following the expiration of his notice period with Vodafone UK. Mr. Jeffery will succeed Bernie Han, who will step down as President and Chief Executive Officer on March 1, 2021. Mr. Han will remain on the Company s Board of Directors (the Board ) and guide the CEO transition until emergence from Chapter 11, at which point Mr. Jeffery will join the Board.
In connection with Frontier s Restructuring Support Agreement, a search committee was formed consisting of four individuals, including two individuals designated by the Company s noteholders and two current Frontier Board members, to evaluate the Company s leadership needs including a potential CEO succession process.