NEWSOUTH COMMUNICATIONS NAMES AKERHIELM PRESIDENT
AND CHIEF EXECUTIVE OFFICER
Highly Experienced Telecommunications Industry
Executive Focused on Driving Value in NewSouth's
Markets
GREENVILLE, SC, April 24, 2001
- NewSouth Communications Corp., a leading broadband
Integrated Communications Provider (ICP) in
the South, today announced the appointment of
James W. Akerhielm as President and Chief Executive
Officer, effective immediately. With over 15
years of experience, Akerhielm is widely known
in the telecommunications industry for his strategic
development and leadership skills.
Akerhielm's objective is to leverage NewSouth's
strong foundation and rapidly accelerate the
company's growth in the high potential Southern
markets in which it operates and further establish
NewSouth as a profitable leader in the ICP industry.
In March 2001, the company completed an $85
million round of financing provided by the existing
investors, led by KKR.
Prior to joining NewSouth, Akerhielm served
as President & CEO of Triton Cellular Partners,
LP from 1998 to 2000. At Triton, he successfully
built the company into the 15th largest cellular
carrier in the US, driving annual revenue from
zero to over $170 million in less than two years.
Triton was sold in 2000 for $1.25 billion.
Akerhielm began his career in local telecommunications
services at Bell Atlantic Corporation where
he worked in a variety of engineering, sales,
and operations positions. Recognizing the growth
potential in wireless telecommunication services,
he moved to Bell Atlantic Mobile Systems in
1993 where he ultimately served as the company's
Regional Vice President of the Southeast Region
from 1995 to 1998. At Bell Atlantic Mobile,
now Verizon Wireless, he managed $300 million
of annual revenue and over 500,000 customers.
"I am delighted to be joining NewSouth
Communications at this point in the company's
development. Since its founding, the NewSouth
team has made enormous strides in executing
its mission of being the dominant ICP in the
South by building out its network, expanding
its data, Internet, and voice products, and
focusing on superior customer care. Moreover,
the company is fully capitalized to build on
this success due to the recently completed fundraising,
which reflects the clear confidence of our investors
in NewSouth's future," said James W. Akerhielm,
President & CEO.
James H. Greene, Jr., member of Kohlberg Kravis
Roberts & Co. (KKR) and a director of NewSouth,
said, "Jim is the ideal person to lead
NewSouth into the future. His career accomplishments
demonstrate a strong ability to create value
in the dynamic telecommunications industry.
We are confident that Jim's experience will
allow NewSouth to maximize its potential and
achieve strong financial results."
Scott B. Perper, Managing Partner of First
Union Capital Partners and a director of NewSouth,
said, "As investors in Triton Cellular,
we can attest to Jim's abilities to build a
world-class telecom company. We are indeed fortunate
to have been able to attract an executive of
Jim's caliber to NewSouth."
KKR initially invested in NewSouth in July
2000, and participated in its February 2001
round of financing. First Union Capital Partners
has been an investor in NewSouth since 1998.
Akerhielm graduated from Lafayette College
with a BS in Mechanical Engineering. He earned
his MS in the Management of Technology from
the University of Pennsylvania. For additional
biographical details or information on Akerhielm,
please visit the corporate web site at www.newsouth.com.
About NewSouth Communications:
NewSouth Communications is a privately held
broadband ICP serving business customers across
the South. The company offers a comprehensive
selection of data, Internet, voice products,
other advanced communications solutions, as
well as telecommunications equipment and cabling
throughout the southern United States, including
the BellSouth, Sprint, and Verizon service regions.
NewSouth serves customers in Florida, South
Carolina, Tennessee, North Carolina, Georgia,
Alabama, Kentucky, Mississippi, and Louisiana.
For more information on NewSouth Communications,
visit the company's web site at http://www.newsouth.com.
# # #
CONTACTS:
Susanne Hite for NewSouth Communications
(864) 672-5097
hite@newsouth.com
Molly Morse for KKR
212-521-4800
molly-morse@kekst.com
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