{"id":37453,"date":"2024-03-07T09:06:10","date_gmt":"2024-03-07T09:06:10","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=37453"},"modified":"2024-11-21T10:30:54","modified_gmt":"2024-11-21T10:30:54","slug":"rural-uk-broadband-isp-gigaclear-sees-exit-of-ceo-and-cfo","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2024\/03\/rural-uk-broadband-isp-gigaclear-sees-exit-of-ceo-and-cfo.html","title":{"rendered":"Rural UK Broadband ISP Gigaclear Sees Exit of Top Directors UPDATE"},"content":{"rendered":"

Abingdon-based broadband provider Gigaclear<\/a>, which has so far deployed their gigabit speed full fibre (FTTP<\/a>) network to cover 500,000 rural premises (430k RFS) in 26 counties of England, yesterday saw the surprise departure of both their CEO, Gareth Williams, and CFO, Ian Wade, as Directors. But there was also a new appointment.
\n<\/p>\n

Gigaclear<\/a>, which is also home to 80,000 customers, is principally owned by Infracapital, together with Equitix and Railpen. The company previously had investment commitments estimated to be worth up to around \u00a31.1bn (here<\/a>), but at the end of last year they also secured a new \u00a31.5bn debt facility (here<\/a>) and have since won the \u00a316.6m Project Gigabit rollout contract for East Gloucestershire (here<\/a>).<\/p>\n

NOTE:<\/strong> The network operator currently holds an ambition to cover \u201cover<\/em>\u201d 1 million premises with their FTTP<\/a> broadband network by 2027. Meanwhile, Infracapital also owns or has stakes in WightFibre<\/a>, Neos Networks<\/a>, Fibrus<\/a> and Ogi<\/a>.<\/div>\n

However, it’s not unusual for major investment deals (like that debt facility) to be followed by changes of senior leadership, which might help to explain what happened yesterday. A quick look at Gigaclear<\/a>’s records on the Companies House<\/a> website show the departure of two long-time (since 2019) Directors, Gareth Williams<\/a> (CEO) and Ian Wade<\/a> (CFO), on 6th March 2024 (the resignations themselves occurred on 28th Feb 2024).<\/p>\n

Companies often issue a public statement before major changes of senior leadership occur, so this one came as a bit of a surprise. The records also show the appointment of Nathan Rundle<\/strong><\/a> as Director, which apparently took place on 14th February 2024 (only reported via companies house yesterday). Nathan is currently Gigaclear’s COO and the documentation for his appointment states his “occupation<\/em>” as “CEO<\/em>” (i.e. the newly promoted boss).<\/p>\n

ISPreview reached out to Gigaclear for a comment earlier this morning and hope to report back soon.<\/p>\n

UPDATE 2:15pm<\/strong><\/p>\n

Gigaclear has just sent us information that outlines the details of a planned CEO transition that is intended to take place by the start of April 2024. Nathan Rundle is confirmed to succeed Gareth Williams as CEO of Gigaclear, and Gareth will remain as an advisor to the business until the end of June 2024 to ensure a smooth handover of responsibilities.<\/p>\n

Ian Wade, CFO of Gigaclear, will also leave the business on the same timescale and Paul Evans, currently Financial Director, will continue to lead the company in the next stage of its growth supported by Ian through to end June 2024. An external search for Ian\u2019s long term successor has commenced. The update also mentions that the operator is now close to 100,000 customers.<\/p>\n

Stephen Nelson, Chairman of Gigaclear, said:<\/strong><\/p>\n

\u201cOn behalf of everyone at Gigaclear and its shareholders, I’d like to place on record our thanks and appreciation to both Gareth and Ian for their dedication and leadership over the past five years. Both of them have played a key role in shaping our plans for future growth, and they leave a business that has been transformed from an early-phase player into the leading rural fibre-to-the home operator. They have achieved this with unfailing professionalism and deserve our sincere thanks. I am also delighted that in Nathan, who has been the architect of the company\u2019s construction and roll-out capacity over the same period, we have the natural and planned successor as CEO.\u201d<\/p><\/blockquote>\n

Gareth Williams, CEO of Gigaclear, said:<\/strong><\/p>\n

\u201cI am so proud of the team we have built and the position Gigaclear is in today. We have achieved a great deal and now is a natural time to move on. Having worked closely with Nathan, I have complete confidence in him to lead the business into the future.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Abingdon-based broadband provider Gigaclear, which has so far deployed their gigabit speed full fibre (FTTP) network to cover 500,000 rural premises (430k RFS) in 26 counties of England, yesterday saw the surprise departure of both their CEO, Gareth Williams, and CFO, Ian Wade, as Directors. But there was also a new appointment.<\/p>\n","protected":false},"author":1,"featured_media":25009,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[56,416],"class_list":["post-37453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-fttp","tag-gigaclear"],"share_on_mastodon":{"url":"https:\/\/mastodon.social\/@ispreview\/112053615008667672","error":""},"yoast_head":"\nRural UK Broadband ISP Gigaclear Sees Exit of Top Directors UPDATE - ISPreview UK<\/title>\n<meta name=\"description\" content=\"Abingdon-based broadband provider Gigaclear, which has so far deployed their gigabit speed full fibre (FTTP) network to cover 500,000 rural premises (430k\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/2024\/03\/rural-uk-broadband-isp-gigaclear-sees-exit-of-ceo-and-cfo.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rural UK Broadband ISP Gigaclear Sees Exit of Top Directors UPDATE - 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