CityFibre founder and CEO Greg Mesch is to step down with immediate effect and will be succeeded by COO Simon Holden who joined the challenger altnet in 2019 and played a key role in the company’s £2.3bn refinancing which included £500m in new equity secured from existing shareholders.
Under Mesch's leadership, the company raised over £8bn and built a fibre platform that reaches over 4.5m premises and serves almost 700,000 customers. He will step into a role as vice-chair at the company.
He said: "After 15 years at the helm, the company is in the strongest shape ever, and it’s the right moment for me to step back from day‑to‑day operations whilst continuing to support CityFibre’s long‑term direction as Vice Chairman.
"Simon has been central to our success since he joined six years ago, and I have every confidence in his leadership.”
Holden added: "We have a winning strategy and I’m excited to lead the team on this next phase of our journey, scaling our reach and deepening customer relationships."
His immediate priority will be securing tie-up agreements with smaller altnets. Mesch claimed four deals were ready to go upon the agreement of the recently completed refinancing.
Steve Holliday, Chairman, said: “In Simon Holden, we have a proven leader who has helped shape CityFibre’s strategy and operations. His sector expertise and deep institutional knowledge make him the ideal person to guide CityFibre through its next stage of growth. Under Simon’s leadership, CityFibre will stay firmly focused on executing its long-term strategy, expanding its market presence, and delivering lasting value as the UK’s full fibre challenger.”