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AirGate announces vice president and CFO William H. Seippel has resigned, following completion of the company's restructuring
March 24, 2004
ATLANTA -- AirGate PCS, Inc. (NASDAQ: PCSAD), a PCS Affiliate of Sprint, announced today that William H. Seippel, vice president and chief financial officer, has resigned from the Company to pursue other interests.
Thomas M. Dougherty, president and chief executive officer of AirGate PCS, stated, "Almost eighteen months ago, Will Seippel joined us to accomplish a restructuring of the Company's debt and to help reposition AirGate PCS for growth. The recapitalization is now complete, the Company has the best leverage ratio among the Sprint affiliates, we have significantly more cash on our balance sheet, and we have a top-notch finance and accounting staff located in Atlanta. As a result of these factors, Will has elected to leave at this time to pursue other interests. While I am personally saddened by his departure, I am grateful to him for his many contributions and I wish him success in his future endeavors. Will has agreed to be available for consultation beyond his employment to help with the transition."
"I have completed the goals set forth for AirGate's restructuring," commented Seippel. "I am pleased the Company is poised for growth with a greatly improved capital structure and a strong finance team in place. While I will miss my AirGate colleagues, I look forward to working on other potential restructurings."
The Company also announced that it has retained a search firm to recruit a new chief financial officer.
AirGate PCS Inc.
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