Reports state that Maarten Boute, Digicel’s current COO with assume the interim role of CEO while a permanent replacement for Coughlan (pictured above) is found.
With a nine-year tenure at Digicel, Coughlan was due to retire at the end of 2022 but stayed on to help oversee the company’s debt-restructuring process.
“There is no doubt that Oliver has done a terrific job,” said Denis O’Brien Digicel founder and chairman.
“Under his leadership, we were able to launch our digital operator strategy, divest the Pacific arm… in a sale to Telstra, navigate the Covid-19 pandemic and return the business to growth.”
He also praised Coughlan’s “calm, capable and friendly demeanour” that enabled the company to “flourish and grow”.
Speaking on Boute, O’Brien added “As Maarten steps into this interim role, I have every confidence in his ability to successfully lead the company during this time”.
At the same time, O’Brien has confirmed that he is to announce his successor as chairman in the “coming weeks” but he is to “remain as a director and shareholder of the company”.
The news comes following the company’s debt-restructuring that will reduce O’Brien equity shareholding to roughly 10% and see a group of bondholders take control of the company. However, over the next six years O’Brien will receive warrants enabling him to purchase up to a further 10% of outstanding shares.
Under the new restructuring approximately $1.7 billion (€1.6 billion) of debt has been written off reducing the company’s overall debt to $3.12 billion, from over $7 billion in 2019.
