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Grande Communications Chairman Exits

Less than a week after announcing that it has hired New York-based cable investment banker Waller Capital to explore its strategic options including a possible sale,  Texas overbuilder Grande Communications Holdings said its chairman James Mansour has resigned.

Mansour, who joined Grande in 2004 after leading several telecom startups, resigned his management position and board seat on Jan. 21, according to a company filing with the Securities and Exchange Commission on Jan. 24. Grande said that Mansour decided to leave “in order to pursue other interests that will require his full time and attention.”

Grande said that on Jan. 22 its board of directors appointed CEO and director Roy Chestnutt to replace Mansour as chairman. The board’s nominating committee intends to begin a search to find a qualified replacement director.