Company: PTGi, McLean, VA
Company Description: PTGi is a leading provider of advanced communication solutions, including broadband Internet, traditional and IP voice, data, mobile services, collocation, hosting, and outsourced managed services to business and residential customers in the United States, Canada, and Australia. PTGi is also one of the leading global wholesale service service providers to telecommunications carriers worldwide.
Nomination Category: Management Categories
Nomination Sub Category: Maverick of the Year

Nomination Title: Peter Aquino, Chairman, President & CEO

Tell the story about what this nominee achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

When it comes to bringing the most positive change to a company, PTGi’s Chairman, President & CEO Peter Aquino could be the poster child.

In October 2010 when he took over, he faced three major challenges. The first was the amount of resources being spent on under-performing non-core business units that prevented the company from strengthening its core business. The second was a balance sheet encumbered with looming high-interest loans coming due soon. The third challenge was how to attract investors as an OTC pink sheet company not listed on a major stock exchange.

As a maverick, Peter’s strategy was to strengthen the sum of PTGI’s parts by further enhancing its assets through investments in its core businesses and then unlocking PTGi assets’ value wherever he can. He assembled a new executive management team to carry out that mission.

As part of its global strategic review, PTGi focused its resources on its three major profitable business units: Canada, Australia and its wholesale international carrier services. PTGi sold its non-core retail businesses in Europe, Latin America, Brazil and India.

In 2011, to attract investors the company moved at lightning speed to get successfully listed on the New York Stock Exchange with the stock ticker, PTGi. The company used the listing and Closing Bell Ceremony to re-launch its brand. Under his leadership, the stock has more than doubled from $7.15 to trading in the $15.78-$16 range.

To provide runway to the company in implementing its long-term business plan, his leadership achieved ongoing financial and operational improvements, and successfully transformed its balance sheet before the debt market closed again by completing offers to exchange new 10.00% Senior Secured Notes due 2017 for the 13.00% Senior Secured Notes due 2016 and 14.25% Senior Subordinated Secured Notes due 2013.

In Canada, he made a number of strategic moves, including ramping up its highly profitable data centers as well as executing on several acquisitions as tuck-ins to its Canadian operations

In Australia, Peter advanced strategic investments in metro ring facility grooming in 5 central business districts and acquired and integrated a tuck-in of a valued-added provider of managed data center services. The Metro Fiber Ring networks are now operational in Melbourne and Sydney, offering new Optical Transport Network (OTN) services that leapfrog the competition’s offerings.

In 2011, the company also completed its acquisition of Arbinet Corporation (NASDAQ: ARBX), a leading provider of wholesale telecom exchange services to carriers, to create its PTGi International Carrier Services division. This move enhanced PTGi’s global competitive positioning, allowing customers to access more global routes at competitive rates and diversifying PTGi's international voice and data product portfolio of services across all existing customer segments.

PTGi recorded 2011 net revenue of $989.3 million, an increase of 34% as we integrated Arbinet into the newly formed International Carrier Services unit. 2011 normalized EBITDA for PTGi, defined as Adjusted EBITDA less non-recurring items, reached $88.5M in 2011, a new record for the company.
Peter’s maverick thinking and bold leadership has created outstanding benefits for PTGi’s employees, customers and investors.

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Provide a brief (up to 100 words) biography about the nominee:

Peter Aquino is Chairman, President & Chief Executive Officer of Primus Telecommunications Group, Inc. (PTGI). He previously served as President and Chief Executive Officer of RCN Corporation. Before joining RCN, he was Senior Managing Director of Communications Technology Advisors LLC, focused on restructuring telecom and media companies. Prior to that, he was the COO of the first Triple Play company in Latin America. He began his career at Bell Atlantic (now Verizon) and has over 25 years of telecom/cable operating experience. Aquino also currently serves as a director of TiVo, Inc. and the United Way of America.