Cincinnati Bell Chairman Steps Down

CINCINNATI -- Cincinnati Bell (NYSE:CBB - News), which recently undertook a major $2 billion financial restructuring, today announced that its Chairman, Daniel J. Meyer, will step down from his position as Chairman of the Board, effective June 15, 2003. Mr. Meyer will continue to serve on the Board of Directors, and Phillip R. Cox, a board member since 1993, was elected to the position of Chairman/Lead Director.

Meyer, a director since 1999, became Chairman last September during a pivotal time in the company's history. Along with Company executives, Meyer undertook a massive effort to attract new financing for the company, renegotiate the company's major credit facility, and enhance shareholder value. A sale of the firm's broadband unit is also pending.

"Now that the company has refocused on its core local operating business and we have entered into agreements regarding all of the major elements of the company's restructuring plan, I have decided to step down from the Chairman position to devote more time to my other business interests," Meyer said. "I am very proud of what we have accomplished through these turbulent times, and look forward to building on the foundation we have put in place."

Cox, (55), who serves as President and Chief Executive Officer of Cox Financial Corporation, praised Meyer for his hard work and dedication on behalf of the company.

"The board is extremely grateful to Dan for his leadership, integrity, and vision that has enabled Cincinnati Bell to survive a very difficult period in its long history, and we appreciate his many contributions to the company, its employees, and shareholders," Cox said.

Meyer, (67), is the retired Chairman and Chief Executive Officer of Milacron, Inc., a manufacturer of metalworking and plastics processing machinery and systems. He also serves as a director of AK Steel Holding Corporation and Hubbell Incorporated.

Cincinnati Bell