Friday, May 4, 2018

Zayo Loses COO, Accelerates Efforts To Convert To REIT

Boulder-based Zayo Group Holdings said late Thursday that its President and COO, Andrew Crouch, has resigned from the company, effective immediately.According to Zayo, the resignation is "not related to his or the company's performance" but said that Crouch has "no immediate plans and will be taking time to consider his next venture." It's unclear what triggered the sudden departure, which came at the same time that the company announced its results for the three months ended March 31st. In separate news, Zayo said it has begun exploring converting the company to a Real Estate Investment Trust (REIT), which has advantages from a federal income tax perspective; the comapny said it will begin executing on "organizational changes" and realignment of its business units to meet the requirements to operate as a REIT. Zayo said those changes may require "divestiture or deconsolidation" of its Allstream business segment.