Lumos Networks Corp. (“Lumos Networks”) (Nasdaq: LMOS), a fiber-based service provider of voice, data and IP-based telecommunication services in the Mid-Atlantic region, today announced that Timothy G. Biltz has been appointed as the Company’s Chief Executive Officer, effective April 26, 2012. Mr. Biltz will replace James A. Hyde who has been serving as the interim Chief Executive Officer following the separation from NTELOS Holdings Corp. in October 2011. Mr. Hyde will remain in his position as a member of the Lumos Networks Board of Directors.
Mr. Biltz served as Chairman of the Board of Directors of iPCS, Inc. from November 2006 through December 2009. From 1999 to 2005, Mr. Biltz was the Chief Operating Officer of SpectraSite, Inc., a publicly-traded wireless and broadcast signal tower company. From 1989 to 1999, Mr. Biltz was employed by Vanguard Cellular Systems, Inc. in a number of posts of increasing responsibility, ultimately serving as the Executive Vice President and Chief Operating Officer.
Lumos Networks also announced that Michael B. Moneymaker is retiring from his position as President of Lumos Networks and as a member of the Board of Directors. Mr. Hyde commented, “The company—and I—have greatly benefited from working with Mike and we cannot thank him enough for his years of valuable contributions to NTELOS and Lumos Networks. We truly wish him the best.”
In connection with Mr. Biltz’s appointment, Lumos Networks granted Mr. Biltz certain equity awards, including 165,000 shares of restricted stock granted in accordance with NASDAQ Listing Rule 5635(c)(4). The grant of the shares of restricted stock was approved by the Compensation Committee of the Board of Directors as an inducement to Mr. Biltz entering into employment with Lumos Networks. The restricted stock will vest in four annual installments beginning December 31, 2012 and ending December 31, 2014. The equity awards will be described in detail on a Current Report on Form 8-K that Lumos Networks will file with the Securities and Exchange Commission.
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