Jan 15, 2020

Liberty chooses new Virgin Media CFO as part of overhaul

Telecoms group Liberty Global has appointed Severina Pascu as chief financial officer and deputy chief executive of Virgin Media, as part of an overhaul of the UK broadband company it bought in 2013. Liberty Global, which is US-listed and controlled by billionaire John Malone, is focusing on the future of Britain's second-largest broadband company, having sold its German and eastern European cable networks to Vodafone last year. Last summer, it established a new investment vehicle - Liberty Fibre - to co-invest in new fully fibre-optic networks beyond its existing UK cable network and go head-to-head with BT. But it has now changed tack and will focus on splitting off Virgin Media's Project Lightning fibre and cable network into the new venture and establishing it as a wholesale operator that competes directly with BT's Openreach, according to two people with direct knowledge of the revised plan. The name of the company has already been changed to Liberty Networks. Ms Pascu has earned praise from her rivals in Switzerland for turning round UPC. She will work alongside Lutz Schüler who took over as chief executive of Virgin Media last year having previously run Liberty Global's German business.

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