San Jose, California – (The Hosting News) – April 10, 2007 – Web host and national provider of integrated voice and data communications firm, Covad Communications Group, Inc.’s Executive Vice President and Chief Financial Officer, Chris Dunn, will resign, effective May 31, after which Vice President of Finance, Justin Spencer, will act as interim Chief Financial Officer.
Charles Hoffman, President and Chief Executive Officer of Covad explained, â€œChris has been instrumental in helping guide Covad to its current strong financial position and we value his contributions. Having achieved EBITDA profitability and cash flow profitability, excluding line-powered voice expenditures, in 2006, retired debt held by AT and T, and secured a $50 million credit facility with Silicon Valley Bank, Covad is in an excellent position to move forward and achieve its strategic goals. We wish Chris and his family all the best as he leaves to focus on new ventures.â€
Dunn joined Covad in May of 2005 as Vice President of Financial Planning and Analysis, and was named CFO in November of that year. Prior to joining Covad, he served as COO and CFO at Santa Cruz Networks, a venture-backed communications services company, and previously held financial positions with Pacific Venture Capital, PG and E, and GE Capital.
Mr. Dunn remarked, â€œLeaving Covad enables me to pursue my longstanding interest in developing early-stage companies, and I am confident of the companyâ€™s continued success under the strong leadership of Covadâ€™s management and finance teams. I am proud of the experience I gained and achievements I contributed to during my time at Covad.â€
Justin Spencer joined Covad in November of 2002, and previously served in key strategy and product management roles at Hewlett Packard, focused in the wireless and wireline telecommunications sector. His broad base of experience over nearly 10 years spans corporate finance, business development, investor relations, business strategy, and product management.
A nationwide provider of integrated voice and data communications, Covad offers DSL, Voice Over IP, T1, web hosting, managed security, IP and dial-up, wireless broadband, and bundled voice and data services directly through Covad’s network and through Internet Service Providers, value-added resellers, telecommunications carriers and affinity groups to small and medium-sized businesses and home users. According to the company, as the first company to commercially deploy DSL in the United States, Covad has spent hundreds of millions of dollars building a network that passes more than 57 million homes and businesses in 44 states – the largest nationwide footprint of any DSL company. Covad broadband services are currently available across the nation in 235 Metropolitan Statistical Areas (MSAs) which represent over 50 percent of all US homes and businesses. Corporate headquarters is located at 110 Rio Robles, San Jose, California 95134. Telephone: 1-888-GO-COVAD.
For more information about Covad, please visit: www.covad.com.