Boston-based Starry Internet has appointed a new CEO as the company departs its voluntary bankruptcy reorganization.
Starry filed for Chapter 11 bankruptcy in February of this year, just one year after it completed a Special Purpose Acquisition Company (SPAC) merger with FirstMark Horizon Acquisition Corp. The bankruptcy filing saw the company voluntarily enter a Restructuring Support Agreement (RSA) with lenders holding the company’s debt.
The reorganization plan was confirmed on May 26 by the US Bankruptcy Court for the District of Delaware. Now, as Starry moves to exit the Chapter 11 proceedings, the company has undergone an executive restructuring.
Starry’s previous CEO Chet Kanojia, who has been the chief executive since Starry was founded in 2014, will step down from the role and instead serve on the board of directors. Taking his place is Alex Moulle-Berteaux, Starry’s previous COO. Moulle-Berteaux will be CEO, effective immediately, and is also joining the board of directors of Starry’s new holding company.
“Over the last five years, as COO, I’ve had the opportunity to guide the business direction and growth of Starry, while also getting into the weeds on the technical and operational elements that drive our business,” said Moulle-Berteaux. “I’m excited to take on an even more expanded role in leading the company as CEO. Starry was founded with a clear vision: create innovative technology to make high-speed home broadband access more affordable and ubiquitous.”
Moulle-Berteaux is a co-founder of Starry, and according to the company, this leadership change has been in the making for over a year.
“When I look back on the past eight years, I’m incredibly proud of Starry and the business we’ve built,” said former CEO Kanojia. “From the beginning, Alex has had a front-row seat and an important hand in growing and defining this business. As COO, he’s uniquely positioned and has the experience necessary to guide the company out of restructuring, and steer it towards continued growth and to profitability.”
Starry says that it serves around five million households across Boston, New York City, Los Angeles, Denver, and Washington DC. The company will continue to do so after the restructuring.
Upon leaving the Chapter 11 filing, Starry will return to being a privately held company. The exit is expected to occur in late July or early August this year.
