Windstream said Monday that Mark Wallace has been named chief financial officer at its planned real estate investment trust spinoff known as Communications Sales & Leasing Inc, or CS&L.
Wallace, 57, who previously served as a managing director at private-equity firm Fortress Investment Group Inc., will start as CS&L's senior vice president and treasurer Wednesday, the Little Rock-based telecommunications company said in a statement. He previously worked as senior vice president, CFO and treasurer of Westwood Holdings Group Inc. He holds a bachelor’s degree in business administration from Texas Tech University and a master’s in business administration from Colorado State University.
Windstream said March 26 that the company’s directors had given final approval to the tax-free spinoff. The new company will comprise Windstream's copper and fiber networks, along with other assets, that will be moved into an independent, publicly traded real estate investment trust. The spinoff is set to be completed later this year.
President and CEO Kenny Gunderman said in a statement that he is “delighted” Wallace is joining CS&L. "He is a seasoned CFO with extensive REIT and capital markets experience, and I look forward to working with him to continue building our team and our business,” Gunderman said.
After the spinoff, Windstream will still be listed on the Nasdaq under the symbol “WIN,” and CS&L plans to lists its common stock under the symbol “CSAL.”