Liberty Global (NASDAQ:LBTYK)
Historical Stock Chart
1 Year : From Feb 2019 to Feb 2020
Eric Tveter Steps Down, Robert Redeleanu appointed CEO, Eastern Europe
from July 1
Liberty Global today announced the departure of Eric Tveter. Tveter has
held senior leadership roles within Liberty Global since 2009, as CEO of
the company’s Swiss cable business, and then CEO of the enlarged Central
and Eastern European group which also included Austria. Most recently,
Tveter has concurrently held the positions of CEO of the Eastern
European Group and Chairman, UPC Switzerland.
Tveter’s move is timed with the sale of many of the assets he has
overseen during his tenure. Liberty Global closed its sale of UPC
Austria earlier this year and has announced the sale of its operations
in Switzerland as well as Hungary, Romania and the Czech Republic.
Tveter spent nine years as CEO of UPC Switzerland, contributing to the
more than 50 percent increase in revenues of the operation since first
acquired by Liberty Global. The anticipated sale of UPC Switzerland to
Sunrise values the asset at 10x Estimated 2019 Adjusted Segment OCF1
and represents a significant return to Liberty Global.
Robert Redeleanu will assume the position of CEO, Eastern Europe
reporting to Severina Pascu, effective July 1. Redeleanu initially
joined Liberty Global in 2013 as CEO, UPC Romania and has since expanded
his responsibilities to oversee each of UPC Hungary, Romania and Poland.
With this appointment, he will lead the Company’s operations across
Eastern Europe until the expected closure of the transaction with
Vodafone, at which point he will lead the UPC businesses in Poland and
“I want to thank Eric for his commitment and years of loyal service,”
said Mike Fries, CEO, Liberty Global. “He has been pivotal to the
transformation of our operations across Switzerland, Austria and Eastern
Europe, driving operating and financial growth as well as meaningful
value creation. This is a natural moment for his next ventures as we
prepare to close transactions impacting six of our operating countries,
with the vast majority being in Central and Eastern Europe.”
“Robert is a talented leader who brings considerable energy, passion,
operational acumen and customer focus,” Fries continued. “And, as his
track record shows, he is a shining example of our homegrown talent at
Eric Tveter, added: “I very much appreciate being part of the Liberty
Global family, where the agility and entrepreneurship that make our
company great leaves plenty of room for friendship and developing
meaningful relationships. I’ve learned a lot about value creation and
operational excellence throughout my tenure that will carry with me in
my remaining time at Liberty as an advisor, and in the next chapter of
my future business opportunities.”
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is the world’s largest
international TV and broadband company, with operations in 10 European
countries under the consumer brands Virgin Media, Unitymedia, Telenet
and UPC. We invest in the infrastructure and digital platforms that
empower our customers to make the most of the video, internet and
communications revolution. Our substantial scale and commitment to
innovation enable us to develop market-leading products delivered
through next-generation networks that connect 21 million customers
subscribing to 45 million TV, broadband internet and telephony services.
We also serve 6 million mobile subscribers and offer WiFi service
through 12 million access points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture
in the Netherlands with 4 million customers subscribing to 10 million
fixed-line and 5 million mobile services, as well as significant
investments in ITV, All3Media, ITI Neovision, LionsGate, the Formula E
racing series and several regional sports networks.
For more information, please visit www.libertyglobal.com.
1 Please refer to the Liberty Global press release dated
February 27, 2019 announcing the sale of UPC Switzerland to Sunrise
Communications Group for more detail.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190617005400/en/
Investor Relations:Matt Coates +44 20 8483 6333John
Rea +1 303 220 4238
Corporate Communications:Molly Bruce +1 303 220 4202Matt
Beake +44 20 8483 6428