Winner, Master
In December 2005, Jeffery R. Gardner was named president and CEO of Windstream Corp. and was tasked with spinning off the Alltel wireline business into an independent, publicly traded company, separating it from Alltel’s wireless business.
Gardner had been Alltel’s chief financial officer, and during his time in that role, he helped more than double the size of its business through a combination of organic growth and acquisitions, all while ensuring that Alltel’s financial performance was among the best in both wireless and wireline companies nationwide.
In July 2006, Windstream spun off from Alltel, merging with Texas-based Valor Communications Group. Gardner then set out to expand the company’s focus on consumer broadband and business customers — two critical growth areas in telecom.
It didn’t take long for Gardner’s aggressive strategy to net results.
His initiatives strengthened the new spinoff company’s competitive position and cash flow, and Gardner began a massive acquisition strategy, first acquiring CT Communication in 2007. The move expanded Windstream’s presence in North Carolina.
Then, in 2009 and 2010, Windstream acquired four more companies, spending $2.2 billion to further expand its reach.
Since its spinoff from Alltel, Gardner has completed six acquisitions, adding more than $1.7 billion in revenue and creating more than $175 million in operating and capital synergies. At the same time, Windstream has led the industry in many key operating and financial metrics, achieving high total shareholder return and becoming an S&P 500 company.
Today, the publicly traded Windstream, which is headquartered in Little Rock, Ark., has communications operations in 23 states and generates more than $4 billion in annual revenue.
Gardner attributes much of the success to the company’s culture, which he describes as open and informed. He writes an internal blog, which fosters two-way dialogue with employees, and he recently implemented a new recognition program that honors the company’s highest-performing team members.
But it’s been Gardner’s ability to see opportunities, expand the company’s reach and deliver shareholder returns that has positioned Windstream for even greater success.
How to reach: Windstream Corp., www.windstream.com
