NTL Welcomes New Chief Executive As Knapp Steps Down
Barclay Knapp is stepping down as chief executive of troubled cable operator, NTL, just months after it emerged from Chapter 11 bankruptcy.
Knapp, who joined NTL ten years ago, will step down from his current role at the close of business on Friday, but will stay at the company until the end of the year to advise the board and senior management team on strategy.
He will be replaced by chief operating officer, Simon Duffy, who joined the company as part of a raft of executive appointments in February.
Knapp said he had ‘accomplished his mission’ as chief executive after having overseen the financial restructuring of the company, which alleviated its substantial debt, but prompted the loss of around 80,000 customers during the course of 2002 (see NTL Returns To Growth After Chapter 11).
He commented: “The company is back on track and delivering a strong operational performance. I have experienced real highs and lows during my ten years at NTL and I remain as passionate as ever about the future of cable in the UK.”
Jim Mooney, NTL chairman, added: “Barclay has done an outstanding job for us since NTL completed its financial restructuring in January. On behalf of the board I would like to thank him for the contribution he has made to NTL and to wish him success in his next business venture.”
NTL is currently the UK’s largest cable TV operator with more than 1.2 million digital subscribers. However, the group has struggled to manage the huge debt it has acquired following a number of acquisitions over the last few years.
The company returned to profit after emerging from Chapter 11 bankruptcy earlier this year and has today reported another strong set of financial results. Revenue at the group increased to £551.3 million in the second quarter of 2003, up from £549 million in the same period the previous year and net losses fell to £259 million, down from £284.8 million in the previous year.
Analysts claim that NTL is set to announce a major fund raising exercise that will net around $650 million and increase the possibility of a merger with UK rival Telewest.
NTL: 01252 402 000 www.ntl.co.uk
Recent People Stories from NewsLine Howell To Head Up McCann-Erickson Europe Carthy Replaces Gutfreund As i-level Managing Director Capital Radio Appoints New Head Of Commercial Marketing
Subscribers can access ten years of NewsLine articles by clicking the Search button to the left