Millicom announced its CFO of eight years Tim Pennington would step down in April, to be replaced by Sheldon Bruha who most recently held the same role at US fixed-line provider Frontier Communications.
In a statement, Millicom paid tribute to Pennington, hailing his role in numerous projects including the company’s exit from Africa, its US listing, acquisitions in Panama and Nicaragua, and consolidation of its ownership of its Guatemala operation.
Pennington will vacate the CFO position on 1 April, but will remain as an adviser to CEO Mauricio Ramos until the end of 2022.
Bruha will join the company on 17 January, but will not take on the CFO job until Pennington leaves.
He served as CFO of Frontier Communications from 2019 until June 2021. He previously held several financial leadership roles at Cable & Wireless, including head of corporate development, and was integral in reshaping the company prior to a sale to Liberty Latin America.
Bruha said he was looking forward to joining Millicom and partnering with the CEO and the team “to continue to grow the business”.