sells 85,000 shares for $2.5M
LITTLETON — tw telecom this week added president to the title of COO John Blount. Blount has been tw’s Chief Operating Officer since 2005, responsible for sales, operations and technology. The company gave no indication those responsibilities will change in his role as President and COO.
tw telecom, headquartered in Littleton, is a major provider of managed network services, specializing in business Ethernet, data networking, voice over Internet Protocol (VoIP), and network security services for enterprise organizations. The company has a market capitalization of nearly $4 billion.
"I am proud of what tw telecom has accomplished, and I am fortunate to work with an executive team and employees who are committed to serving customers and creating long-term shareholder value," Blount said. "I am honored to be recognized by [CEO] Larissa [Herda] and our Board with this position, and I remain focused on investing in our business to drive growth and profitability."
His focus on shareholder value notwithstanding, Blount reportedly sold nearly 85,000 tw telecom stock shares, worth more than $2.5 million, the day after his promotion was announced.
According to Ticker Report, a stock market information website, Blount sold 84,543 shares of the stock on the open market in a transaction dated Jan. 28. The stock was sold at an average price of $29.89, for a total value of $2,526,990.27. After the transaction, Blount now directly owns 314,622 shares in the company, valued at approximately $9,404,052. The sale was disclosed in a filing with the Securities & Exchange Commission, according to the website. The stock (symbol: TWTC) is listed on the NASDAQ exchange.
Last February, Blount also sold 258,764 shares of TWTC stock at an average price of $26.17, for a total value of $6,771,853.88.
The company reported a third-quarter net loss of $9.4 million in November, although revenue was up 6.6 percent year over year. Fourth quarter results are due out in February.
Blount is no stranger to the firm’s culture; he has risen steadily through the ranks over the last two decades. In his earlier years, he served as Regional Vice President for the Midwest and Southwest Regions and Vice President and General Manager for the company's Milwaukee sales, service and operations office. Later, he became the Executive Vice President of Field Operations, responsible for significant enterprise growth, and then the company's Senior Vice President for Sales. He was appointed COO in June, 2005, assuming responsibility for sales, operations and technology, including the company's recently announced accelerated market expansion and the launch of its Intelligent Network capabilities.
Larissa Herda, tw telecom’s Chairman and CEO, credited the newly promoted Blount for the company’s "consistently strong performance" since he was named COO in 2005.
"With 25 years of industry experience and his intimate knowledge of tw telecom's customers, employees and operating environment,” she said, "John is recognized for his leadership in product innovation, expanding our fiber footprint and creating a customer experience that is admired within our industry."