Lumos Networks Corp. (LMOS) announced that it appointed Timothy Biltz as its Chief Executive Officer, effective April 26, 2012. The company said that Biltz replaces James Hyde who has been serving as the interim Chief Executive Officer following the separation from NTELOS Holdings Corp. in October 2011. Hyde will remain in his position as a member of the Lumos Networks Board of Directors.
Biltz served as Chairman of the Board of Directors of iPCS, Inc. from November 2006 through December 2009. From 1999 to 2005, Biltz was the Chief Operating Officer of SpectraSite, Inc. From 1989 to 1999, Biltz was employed by Vanguard Cellular Systems, Inc. in a number of posts of increasing responsibility, ultimately serving as the Executive Vice President and Chief Operating Officer.
Lumos Networks also announced that Michael Moneymaker is retiring from his position as President of Lumos Networks and as a member of the Board of Directors.
In connection with Biltz's appointment, Lumos Networks granted Biltz certain equity awards, including 165,000 shares of restricted stock.
The restricted stock will vest in four annual installments beginning December 31, 2012 and ending December 31, 2014.
The company said its board declared a quarterly cash dividend on its common stock in the amount of $0.14 per share to be paid on July 12, 2012 to stockholders of record on June 14, 2012.
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