RCN Corp. chairman and CEO David McCourt said he would relinquish the CEO role at the bankrupt overbuilder and would lead a search to find a replacement.
McCourt will remain as chairman of the company he founded in 1997. RCN filed a prepackaged Chapter 11 bankruptcy petition in May.
“I remain committed to the competitive vision RCN established when I founded the company,” McCourt said in a prepared statement. “Now, as we enter the next stage of our evolution, I want to bring in new leadership to work with the new equity holders to continue our journey toward what I believe is a very promising future for the company.”
According to a press release, RCN said McCourt will remain as CEO until a successor is found, and it is hoped that a new CEO is named upon completion of the MSO’s restructuring process.
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