Mr O’Donoghue is a partner in Deloitte & Touche’s Telecommunications Group and will remain as Acting CFO until a replacement for Mr Bautista is appointed. The company is currently actively engaged in a search process.
Andrés Bande, Chairman and Chief Executive Officer of FLAG Telecom, said, On behalf of the Board of Directors of FLAG Telecom, I want to express our appreciation for Larry’s contribution to FLAG Telecom’s success. We wish him a successful and prosperous future.
I have had seven enjoyable and rewarding years with FLAG Telecom. said Larry Bautista, It has been a privilege to work with Andrés Bande and the senior management team and I believe the company is well positioned for the future.
FLAG Telecom has achieved sequential growth in revenues on a quarter on quarter basis since its IPO in February 2000. In the first quarter of 2001 revenues were up 51% over the same quarter in 2000 and showed their fifth sequential quarterly increase. The company has also achieved a positive EBITDA position one year ahead of plan. As at 31 March 2001, the company had cash on hand of approximately $1.0bn and total debt of approximately $1.1bn.
