FTE NETWORKS, INC. (OTCMKTS:FTNW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Interim Chief Executive Officer
On October 21, 2019, the Board of Directors of FTE Networks, Inc. (the “Company”) appointed Stephen M. Goodwin as the Company’s new Interim Chief Executive Officer. Concurrently with Mr. Goodwin’s appointment, Fred Sacramone resigned as the Interim Chief Executive Officer of the Company. Mr. Sacramone is expected to transition into an advisory role.
Stephen M. Goodwin, age 51, has 30 years of experience in the real estate and development industry, with expertise in corporate management, real estate project entitlements, design, planning, marketing and operations. He has been involved in large-scale urban projects in California and has managed and overseen all aspects of a flagship transit oriented mixed-use development. This included investment of over $36 million from the State of California. In addition, he has participated in the successful completion of over $500 million for public infrastructure projects in the region. Mr. Goodwin was one of the original founders of Calnet Business Bank, the former Managing Director of Development for NCRF Holdings, Inc, past president of the NAIOP Sacramento Chapter, member of the Sacramento City Unified School District Foundation and president of the Property and Business Improvement District known as The River District, and he is active in regional politics and is an advocate for city civic efforts. Mr. Goodwin is a graduate of the School of Business and Finance from Saint Mary’s College in Moraga, California.
There is no arrangement or understanding between Mr. Goodwin and any other person or persons to which he was selected as an officer of the Company. There are no family relationships between Mr. Goodwin and any director or executive officer of the Company. There are no transactions, since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $120,000, and in which Mr. Goodwin had or will have a direct or indirect material interest.
Compensation arrangements for Mr. Goodwin are under negotiation and will be announced when finalized.
Resignation of Directors
On October 18, 2019, Fred Sacramone and Richard Omanoff resigned from the board of directors of the Company, effective immediately. There are no disagreements between each of Mr. Sacramone and Mr. Omanoff and the Company relating to matters concerning the Company’s operations, policies or practices.
At the time of his resignation, Mr. Omanoff was the chair of the Nominating and Corporate Governance Committee.
About FTE NETWORKS, INC. (OTCMKTS:FTNW)
FTE Networks, Inc., (FTE Networks) is a provider of international and regional telecommunications and technology systems, and infrastructure services. The Company’s segments are Telecommunications and Staffing. It also offers managed information technology, telecommunications services, subscriber-based services and staffing solutions through its subsidiaries, Jus-Com, Inc. (doing business as FTE Network Services), FTE Wireless, LLC and Focus Venture Partners, Inc. (doing business as FVP Worx). Its services include engineering consulting, design, installation, maintenance and emergency response in various categories, including cabling, equipment installation and configuration, rack and stack, wiring build-outs, infrastructure build-outs, direct current power installation, online service provider/Internet service provider fiber placement, fiber cable splicing and testing. In the wireless space, it provides engineering, design, installation and upgrade of wireless communications networks.
