NTL appoints new finance chief
Schubert brings media, telco finance expertise
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Schubert replaces acting chief financial officer Bret Richter who stepped into to the position after John Gregg quit before NTL filed for Chapter 11 in the U.S. in May 2002. The cable operator emerged from bankruptcy protection in January 2003.
Currently exec veep & chief financial officer of telco WilTel Communications Group, he will join the Executive Management Group of NTL on Apr. 1.
He will be responsible for all the cable operator's financial activities and will report to Barclay Knapp, chief exec. He will be based in the company's operational headquarters in Hook, Hampshire.
Most recently, Schubert led and completed the financial restructuring of the WilTel's balance sheet. He also managed the company's IPO and introduced a performance-driven culture.
Prior to joining WilTel, Schubert held various finance positions at Amoco Corp. and led the integration of BP and Amoco's financial operations as head of BP Amoco's Global Financial Services, following the merger in 1998.
Schubert's experience will come in handy if NTL and rival Telewest agree to merge next year. The pair are wrapping long-winded financial restructures -- NTL's debt for equity swap halved its £12 billion ($20 billion) debt and Telewest has halved its $8.8 billion debt.
Commenting on the appointment, Knapp said, "I am delighted that Scott is joining us as CFO. He has over 25 years of broad financial leadership experience, including the past four years in the telecommunications and media industry, and is therefore well equipped to help exploit the opportunities at NTL as we focus on delivering profitable growth and returning to service excellence."
