Towerstream announces management changes

MIDDLETOWN – Towerstream Corp., a fixed wireless fiber alternative provider, has changed its management team, naming chairman and co-founder Philip Urso its interim CEO.
Urso replaces outgoing CEO Jeff Thompson, who resigned to pursue other opportunities, according to a company press release, which also said that Arthur Giftakis, former senior vice president of engineering and operations, has been promoted to chief operating officer.
Giftakis will oversee the company’s On-Net building initiatives and focus on increasing efficiency in all company operations.
Urso also served as CEO until 2005. In his new role, he will focus on daily management responsibilities and lowering the monthly burn rate to increase long-term cash flow and advance Towerstream’s On-Net building sales efforts, the release said.
“We commend Jeff Thompson for his long-term service to Towerstream and wish him much success in his future endeavors,” Urso said. “For the last five months, I’ve been working closely with the team at Towerstream to develop strategic initiatives and review opportunities to accelerate growth. I believe we have made and will continue to make meaningful progress.”
Back in November, the Nasdaq Stock Market LLC’s listing qualifications staff notified the company that if its stock price failed to improve, it could be delisted from the exchange.

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