CHARLOTTE, N.C., Nov. 16,
2022 /PRNewswire/ -- Brightspeed, the nation's fifth
largest incumbent local exchange carrier (ILEC), today announced it
has implemented a Shared Success Plan to recognize and reward its
employees for their roles in driving the company's long-term growth
and valuation creation. Under the plan, Brightspeed employees with
at least 12 months of employment at the time of a future change of
control can receive a one-time payment tied to growth in the
company's valuation.
Brightspeed, which recently launched as a standalone business
following a carve out from Lumen Technologies, plans to build a
state-of-the-art fiber optics network with more than 1 million new
fiber passings across 17 states in its initial phase of
construction through year-end 2023.
As Brightspeed begins to execute on its transformative growth
plans, it has also established a Shared Success Plan for all
employees. The Shared Success Plan, funded by Brightspeed's
majority shareholders, private equity funds managed by affiliates
of Apollo (NYSE: APO) and their co-investors, is designed for
employees to share in the future success of the company. There is
no cost to employees and the plan will provide all those eligible
-- whether salaried or hourly, union or non-union -- with an
opportunity to benefit from the valuation appreciation of the
company upon a change in control.
"At Brightspeed, we know we cannot achieve long-term growth
without our talented team, whose dedication and commitment to
serving customers is a characteristic that already defines our
culture," said Bob Mudge, chief
executive officer of Brightspeed. "With the support of Apollo, we
are not only building a transformative fiber optics network, but we
are also building a different type of company. Following our
official launch, we have a unique opportunity to solidify our
commitment to invest in our people by creating a means for everyone
to share in the value we generate together."
"We invested in Brightspeed with a thesis to transform the
company into a next-generation network provider, and this new
Shared Success Plan helps to ensure the entire Brightspeed team can
meaningfully share in a successful outcome," said Aaron Sobel, private equity partner at Apollo.
"We have seen first-hand how an ownership mindset brings out the
best in employees and we look forward to working with Brightspeed
in the years to come as they execute on the exciting plans in
place."
For Apollo Private Equity, the new Brightspeed plan is the
second broad-based employee shared success plan of its kind to be
implemented at a fund portfolio company. It follows the
introduction of the Venetian Las Vegas Appreciation Award in
March 2022. In April 2022, Apollo Private Equity became a
founding member of Ownership Works, a new nonprofit with a mission
to increase prosperity through shared ownership at work.
To learn more about Brightspeed, visit www.brightspeed.com
About Brightspeed
Headquartered in Charlotte, N.C. and with assets and associated
operations in 20 states, Brightspeed provides broadband and
telecommunications services through a network platform capable of
serving more than 6.5 million homes and businesses. Brightspeed's
vision is to promote a world where people and businesses have
access to the connectivity they need to accomplish what is
important. Our nearly 4,000 employees are committed to bridging the
digital divide by deploying a state-of-the-art fiber network and a
customer experience that makes staying connected simple and
seamless. For more information, please visit
www.brightspeed.com.
Media contacts
Gene Miller
Brightspeed, Director, Public Relations
pr@brightspeed.com
Erik Carlson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
pr@brightspeed.com
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SOURCE Brightspeed