HICKORY – Frank Drendel, founder of communications technolgy firm CommScope, is exiting the firm’s board chairmanship post, and longtime CEO Eddie Edwards is retiring as part of an “ongoing succession planning program.”
The CommScope board made the changes announced Thursday morning and are effective “today,” the firm said in an announcement.
Taking over as CEO is veteran executive Charles Treadway, who gets as many as 1.6 million shares of CommScope stock (Nasdaq: COMM), which currently sells at around $9.30 a share. Treadway has led a number of different companies in the US, China and Latin America pver the past 17 years, CommScope said.
Chuck Treadway (CommScope photo)
Bud Watts takes over as board chair. He had been the firm’s lead independent director and also will now become an employee of the company, CommScope said.
Edwards has worked at CommScope for 15 years.
The changes come as CommScope continues to push ahead with new and emerging communications technology, including improved Wi-Fi and a trial of ultra-fast 10-gigabit internet speed.
Drendel, who launched CommScope in 1976, is now chairman emeritus and will remain on the board.
“Mr. Drendel … has served continuously as its CEO and/or Chairman of the Board since. In those capacities, Mr. Drendel has advanced the evolution of CommScope from a small coaxial cable business established at his kitchen table into the diversified, global communications infrastructure business that it is today,” the company said.
In thr announcement, Drendel noted:
“Since founding CommScope nearly 45 years ago, we have worked as a team to continuously adapt to the dynamic communications landscape while staying true to our purpose, vision and values. Eddie has played a significant role at CommScope, and we are grateful for his dedication and guidance over the years. Our successes are a testament to his leadership, the resilience of our business, and our relentless commitment to putting the customer first each step of the way. I’ve seen this business and industry evolve over the last few decades, and I’m confident that under Chuck’s leadership, the best is yet to come.”
Read the full announcement and more comments online.
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