WideOpenWest, Inc. (“WOW!”) (NYSE: WOW), a, fully integrated provider of residential and commercial high-speed data, video and telephony services to customers in the United States, has announced that Teresa Elder has joined the company as Chief Executive Officer and a member of the board of directors of WOW!, the company said.
Elder succeeds Steven Cochran, who is retiring from WOW! after 15 years with the company. Cochran will stay on in an advisory role with WOW! through June 30, 2018, ensuring a seamless transition of leadership.
WOW! also announced that it has closed the previously announced sale of a portion of its fiber network in the company´s Chicago market to a subsidiary of Verizon (NYSE: VZ) for USD 225 million in cash. Proceeds from the sale are expected to be used to pay down existing debt obligations related to the company´s revolving credit agreement and to reinvest in the company´s business.
The board of directors also announced that it has authorized a stock repurchase program, commencing immediately, which will enable the company to repurchase an aggregate of USD 50 million of its outstanding common stock. The repurchase program is expected to be executed over the next twelve months with an objective of delivering value to shareholders, while capitalizing on attractive market valuations.
WOW! is one of the nation´s providers of high-speed Internet, cable TV and phone serving communities in the US WOW!´s operating philosophy is to deliver an employee and customer experience that lives up to its name. For more information, visit www.wowway.com.