After four straight quarters of broadband subscriber losses, a 38% decline in its share price and mounting debt that forced the company to put its legacy Suddenlink communications systems on the block, Altice USA said it has appointed a new CEO – former Comcast executive Dennis Mathew – while its longtime chief executive Dexter Goei becomes executive chairman.
The move will take effect on October 3. Mathew is a 17-year veteran of the telecommunications industry and has held several operational positions at Comcast over the years. According to Altice USA, Mathew was until recently senior vice president of its Freedom region (southeast Pennsylvania, New Jersey, northern Delaware) responsible for the strategic, financial and operational performance of these systems. Previously, he served as SVP for his Western New England region (Connecticut, Vermont, Western Massachusetts, and New York and New Hampshire regions) and has extensive management and transformation experience. cable companies.
“I am honored to accept the role of CEO at this important time for Altice USA,” Mathew said in a press release. “As Altice USA strengthens its position as a converged fixed and wireless player, I see immense potential to connect more and serve customers in new ways while establishing the company as the connectivity provider of choice. I look forward to leading such an innovative company that has the right vision and a long-term strategy focused on investments in fiber infrastructure and a superior customer experience.
Mathew will be based at Altice USA headquarters in Long Island City, New York.
“I am thrilled to welcome someone of Dennis’ caliber and mindset to Altice USA,” Patrick Drahi, Founder and Chairman of Altice USA, said in a press release. “He has an impressive track record at Comcast, driving transformation and success in highly competitive markets and redefining the role of telecommunications services for customers through a superior service experience, which will serve us well.” With the deployment of our well-advanced fiber optic network, I am confident that Dennis is the right leader to continue the momentum we have created as we deliver the most advanced fiber optic broadband services to our customers across the country. Dennis’ leadership approach, along with his commitment to our people, customers and communities, will have a significant impact on Altice USA today and in the future.
Goei, who will return to Europe to be with his family and helped select a new CEO, was the first CEO of Altice USA, taking over the company that was created when European telecommunications giant Altice NV, burst onto the US cable scene after its purchases of Suddenlink Communications and Cablevision Systems. Goei, a longtime Altice NV executive, was tasked with implementing its parent company’s strict cost-cutting strategy, steering operations towards an initial public offering in June 2017.
For a while the strategy worked – in 2019 Altice USA was one of the best performing companies in the cable industry. But a footprint that was largely saturated — its New York systems had one of the highest broadband penetrations in the industry — fierce competition from Verizon Fios (which operated on about two-thirds of its footprint) and the pandemic made havoc on growing subscribers. Altice USA lost 13,000 broadband customers in 2021 – the only major cable operator to do so – and lost more than 50,000 broadband data customers in the first half of 2022.
In August, Goei acknowledged the company was looking for a buyer for its Suddenlink systems, with some reports speculating it was expecting $20 billion from a sale. Although no deal seems imminent, most analysts believe that Suddenlink will attract far fewer. .
Drahi praised Goei for his asset management, adding that the executive “has accomplished a business and cultural transformation at Altice USA over the past seven years, building the company to what it is today with passionate employees. who are committed to our customers and to our customers”. each other. Given his intention to return to Europe with his family, Dexter has been involved in our search for a new CEO and I am grateful for his partnership in ensuring Altice USA has the best leader to move the business forward. in its next phase of growth. I have the utmost respect for Dexter as a business partner and confidant and am pleased that he has agreed to serve as Executive Chairman of the Board while supporting Dennis in his transition to CEO and working on key strategic initiatives.
As Executive Chairman, Goei will support Mathew through the transition and work on key strategic initiatives.
“Leading Altice USA has been the most rewarding experience of my career,” Goei said in a press release. “From our fiber network rollout and launch of multi-gig fiber broadband offerings to our diversity and inclusion programs and our local community engagement efforts, I couldn’t be prouder of what we have accomplished together thanks to the management team and the thousands of dedicated employees across the country who enthusiastically serve our customers and communities every day. In the coming months, my focus will be on ensuring a smooth leadership transition and working closely with Dennis on our key strategic initiatives. I welcome Dennis to the Altice USA family and have the utmost confidence in him as we continue to accelerate and execute our fiber strategy and begin the next chapter in our history. »■
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