Liberty Global (NASDAQ:LBTYA) is spinning off its Latin American and Caribbean operation into a separate public company. The split-off is expected around the end of the year.
Balan Nair, currently chief technology and innovation officer for Liberty Global, will become president and CEO of its Latin American and Caribbean operation once the split-off occurs. Nair will remain in his current position until then, and a search is already underway for his successor.
Liberty Global CEO Mike Fries, who will serve as executive chairman of the Latin American company after the split-off, said: "Balan is an exceptional technologist and operating executive who has delivered tremendous value to our company as CTO. He has led us into the future with next-generation broadband, video and mobile products, and has transformed our entire technology operating model. I am excited that Balan has agreed to lead this new company into the future, and I look forward to continuing our close working relationship as part of the broader Liberty family."
In addition to Fries and Nair, the board of the new company is expected to include John Malone, currently Chairman of Liberty Global, Liberty Global directors Paul Gould and Miranda Curtis, and Liberty Global CFO Charles Bracken. Additional directors will include Eric Zinterhofer, lead independent director and former chairman of Charter Communications; Alfonso de Angoitia, co-CEO of Grupo Televisa; and Brendan Paddick, former board member of Cable & Wireless Communications, which Liberty bought in 2016, and founder and former CEO of Columbus Communications.