Kenny Gunderman Named CEO For Windstream Spin-off REIT

Kenny Gunderman has been named president and CEO of Windstream’s planned real estate investment trust (REIT) spinoff, Communications Sales & Leasing, Inc. (CS&L).

Gunderman currently serves as executive vice president and co-head of investment banking for Stephens, Inc. The appointment is effective March 2.

“Kenny’s extensive background in investment banking and his deep relationships throughout the telecom industry uniquely position him to drive growth at CS&L,” said Windstream Director Francis X. “Skip” Frantz, who will serve as chairman of CS&L’s board upon close of the transaction.

“I have worked with Kenny on numerous transactions while at Windstream. His appointment significantly advances our work to complete the REIT spinoff, which will enable Windstream to accelerate network investments, reduce debt and maximize shareholder value,” said Tony Thomas, Windstream president and chief executive officer.

“I am excited about this appointment and eager to pursue the tremendous opportunity ahead for CS&L. I look forward to finalizing our leadership team and completing the required financing in order to expeditiously close the transaction,” said Kenny Gunderman. “I also am thankful and appreciative for my time and experiences at Stephens.”

Gunderman, 44, joined Stephens Inc. in 2006 as a senior telecom banker. In February 2007, he was named co-head of investment banking, and his responsibilities were expanded to include strategic direction for the investment banking department.

Prior to joining Stephens, Gunderman was a member of the telecom investment banking group at Lehman Brothers, where he advised on various transactions and financings totaling more than $125 billion. He previously worked at KPMG as a CPA and holds an MBA from Yale and a bachelor of arts degree from Hendrix College.

Windstream announced on July 29 that it would form an independent, publicly traded REIT that will own Windstream’s existing fiber and copper network and other fixed assets. In turn, Windstream will lease the network and those assets from the new company for $650 million annually.

The move is expected to reduce Windstream’s debt, increase its cash flow, and potentially position the company for acquisitions. Windstream said it anticipates that the spinoff would occur in the first quarter of 2015.

Windstream will hold a special meeting of stockholders on Feb. 20, 2015 to consider the company separation.