Wednesday, April 2, 2003

Broadwing exec departed with $4.3M

By Mike Boyer
The Cincinnati Enquirer

Richard Ellenberger, former Broadwing Inc. CEO and architect of its failed broadband strategy, received $4.3 million in compensation on leaving the parent of Cincinnati Bell last October.

Ellenberger's pay included $3.5 million in lump sum severance in addition to $696,635 in salary and $100,962 in accrued vacation pay, according to the company's proxy statement issued this week.

Ellenberger, who received $1.48 million in salary and bonus in the prior year, received no bonus last year.

A company spokesman said the $3.5 million represented the remainder due Ellenberger under his 1999 employment agreement, which called for him to receive two times the salary and bonus target in the event of his termination.

Broadwing last week announced a financial recapitalization that it says will allow it to meet its debt payments through 2006.

The company has also announced plans to sell the Austin, Texas-based broadband business acquired in 1999 to a new, private company called CIII Communications Inc. owned by equipment supplier Corvis Corp. and Cequel III, a St. Louis telecommunications investment firm.

Broadwing will hold its annual shareholder's meeting April 29 at 11 a.m. at Union Terminal.

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