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Fusion Connect announces management changes, extension of deadlines
By Caroline Salls
Pittsburgh, Oct. 7 – Fusion Connect, Inc. chief executive officer Matthew D. Rosen and president and chief operating officer Russell P. Markman have resigned, effective 11:59 p.m. ET on Oct. 7, according to an 8-K filed Monday with the Securities and Exchange Commission.
However, Fusion said Rosen will continue to be employed by the company and continue to serve as chairman of the board of directors until Fusion emerges from Chapter 11 bankruptcy. Rosen and reorganized Fusion will enter into an agreement under which Rosen will provide ongoing consulting services to the company for a period of six months from the Chapter 11 plan effective date.
Fusion said it will also enter into an agreement under which Markman will provide consulting services to the company for a fixed term of three months in exchange for a monthly fee of $33,334.
On Monday, Kevin Brand was appointed as president, COO and interim CEO. He will be paid an annual base salary of $550,000.
The company said Brand joined Fusion as senior vice president of customer experience in May 2018 in connection with Fusion’s acquisition of Birch Communications Holdings, Inc.
In addition, Fusion said it entered into an eighth amendment to its restructuring support agreement to extend the deadline for entry of a disclosure statement order by the U.S. Bankruptcy Court for the Southern District of New York to Oct. 11, the deadline for the receipt of a binding exit facility commitment to Nov. 1 and the deadline for entry of a Chapter 11 plan confirmation order to Nov. 14.
According to the 8-K, the company also entered into a 10th amendment to its debtor-in-possession credit agreement to extend the stated maturity date to Nov. 7 from Oct. 7 and to reflect the changes to the restructuring support agreement.
Fusion is a New York-based cloud services provider. The company filed bankruptcy on June 3 under Chapter 11 case number 19-11811.
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