Veronica Bloodworth
About Veronica Bloodworth
Veronica Bloodworth, 54, is Executive Vice President and Chief Network Officer at Frontier (FYBR), joining in 2021 after a 23‑year career at AT&T across Construction & Engineering and Corporate Strategy (Velocity IP). She is a Certified Public Accountant with a bachelor’s degree from the University of Alabama and an MBA from Georgia State University . Under FYBR’s turnaround, 2024 delivered full‑year organic revenue growth and continued organic Adjusted EBITDA growth; AIP results landed above target on Adjusted EBITDA ($2,251M vs $2,200M) and revenue ($5,937M vs $5,800M), while fiber build and net adds remained strong (1.33M locations, 385k adds) . Since listing, FYBR’s cumulative TSR translated a $100 initial investment to $128.76 as of 2024, reflecting equity value creation amid transformation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AT&T | SVP, Construction & Engineering; SVP, Corporate Strategy (Velocity IP) | 23 years | Led planning/design/construction of wireline/wireless infrastructure; led Velocity IP program to shift to all IP/Wireless/Cloud |
| Cingular Wireless / BellSouth Mobility | Various leadership roles in Network and Finance | — | Operations, Finance, Business Development responsibilities across mobile businesses |
| MCI | Early career | — | Foundation in telecom operations |
External Roles
No public company board roles or external directorships disclosed in FYBR filings for Bloodworth .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 650,000 | 715,000 | 715,000 |
| Annual Bonus Target (% of Base) | — | — | 100% |
| Actual AIP Payout ($) | 669,500 | 822,250 | 869,440 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Outcome
| Metric | Weight | Threshold | Target | Max | Actual | Payout Contribution |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 45% | 2,000 (50%) | 2,200 (100%) | 2,400 (200%) | 2,251 | 56.4% |
| Revenue ($M) | 20% | 5,500 (50%) | 5,800 (100%) | 6,100 (200%) | 5,937 | 29.1% |
| Fiber Locations Constructed | 17.5% | 1,100,000 (50%) | 1,300,000 (100%) | 1,500,000 (200%) | 1,331,322 | 20.2% |
| Net Fiber Broadband Adds | 17.5% | 320,000 (50%) | 400,000 (100%) | 480,000 (200%) | 384,720 | 15.8% |
| Weighted Average Payout | — | — | — | — | — | 121.6% |
Long‑Term Incentive (LTI) – 2024 Grants and Structure
| Instrument | Grant Date | Target Qty | Vesting / Performance | Metric Weighting |
|---|---|---|---|---|
| RSUs | 3/13/2024 | 28,625 | Time‑based, 1/3 each in Mar 2025/2026/2027; Q1’25 tranche accelerated to 12/19/2024 (9,542 RSUs) | n/a |
| PSUs (2024–2026) | 3/13/2024 | 57,250 | Earned at end of 3‑yr period; payout 50–200% based on goals; expected payout Mar 2027 (subject to merger treatment) | Adj. Fiber EBITDA 33.33%; Fiber Revenue 33.33%; Relative TSR vs S&P Mid‑Cap 400 33.33% |
FYBR’s policy uses “full value” awards (RSUs/PSUs) and currently excludes regular stock option grants .
280G Mitigation and Accelerations (Dec 19, 2024)
- To mitigate potential “excess parachute payments,” FYBR accelerated Q1’25 RSU settlements to December 2024. For Bloodworth: 2023 RSU 16,498 and 2024 RSU 9,542 were settled early (value $904,890 at $34.75 close) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 210,110 shares as of March 25, 2025 |
| Ownership % of outstanding | ~0.084% (210,110 of 250.2M outstanding; both from 3/25/2025 record) |
| Unvested RSUs | 16,497 (3/13/2023) + 19,083 (3/13/2024) = 35,580 units |
| Unearned PSUs (target) | 98,986 (3/13/2023) + 57,250 (3/13/2024) = 156,236 units |
| Options outstanding | None; program emphasizes RSUs/PSUs, no regular option grants |
| Stock ownership guidelines | CEO 6x salary; other executive officers 3x salary; expected within 5 years |
| Hedging/pledging | Hedging prohibited; pledging prohibited unless pre‑approved. No pledging disclosed for Bloodworth |
Employment Terms
| Scenario | Key Economics | Vesting Treatment |
|---|---|---|
| Termination without Cause / Resign for Good Reason (no CIC) | Base: 1x; Target Bonus: N/A; Prorated current bonus: Yes; Benefits: 12 months subsidized | RSUs: next‑12‑months vesting; PSUs: pro‑rata based on performance |
| Termination without Cause / Resign for Good Reason (in connection with CIC; within 6 months before or 24 months after) | Base: 1.5x; Target Bonus: 1.5x; Prorated current bonus: Yes; Benefits: 12 months subsidized | RSUs: fully vest; PSUs: fully vest at target/actual per award terms |
| Quantified severance (as of 12/31/2024) | No CIC total: $5,305,019; With CIC total: $9,535,413 (includes cash, prorated bonus, RSUs, PSUs, benefits) | |
| Triggers and governance | Double‑trigger structure; no single‑trigger cash severance; clawback policy adopted Sept 2023 covering incentive compensation on restatements | |
| Tax gross‑ups | None; 280G “best‑net cutback” applies; mitigation actions permitted and executed via accelerations in Dec 2024 |
Performance & Track Record
| Area | 2024 Outcomes |
|---|---|
| Fiber build | 1.3M new fiber locations; 7.8M total passed as of year‑end |
| Fiber customers | +385k net adds; fiber churn 1.36% |
| Efficiency | Gross annualized cost savings realized $597M (target was $500M achieved in 2023) |
| AIP metrics | Above‑target results on Adjusted EBITDA ($2,251M vs $2,200M) and revenue ($5,937M vs $5,800M); fiber build above target; net adds modestly below target (384,720 vs 400,000) |
| TSR context | $100 initial investment valued at $128.76 in 2024 (cumulative TSR since listing) |
Bloodworth’s network remit aligns directly with the fiber build and quality outcomes (construction velocity, upgrades), reflected in above‑target AIP performance on build and financial metrics .
Compensation Structure Analysis
- Cash vs equity mix: Significant LTI emphasis with PSUs (67%) and RSUs (33%); RSUs vest over 3 years; PSUs depend on 3‑year operating metrics and relative TSR, reinforcing long‑term alignment .
- Metric design: AIP focused on Adj. EBITDA (45%), Revenue (20%), Fiber Locations Constructed (17.5%), Net Fiber Broadband Adds (17.5%); PSU metrics split equally among Adj. Fiber EBITDA, Fiber Revenue, and Relative TSR (2024–2026 cohort) .
- Governance strengths: Double‑trigger CIC, clawback policy, hedging/pledging prohibitions, ownership guidelines, capped payouts; no option repricing and no tax gross‑ups .
- 280G actions: December 2024 accelerations of Q1’25 RSU settlements for executives, including Bloodworth, to mitigate excise tax exposure and preserve corporate deductions .
Investment Implications
- Alignment: High “at‑risk” pay and PSU weighting tied to fiber financials and relative TSR support shareholder alignment; AIP over‑achievement in 2024 indicates operational execution under Bloodworth’s network leadership .
- Retention risk: CIC protections at 1.5x salary and bonus, full vesting on equity under double‑trigger reduce near‑term flight risk; non‑CIC severance is moderate (1x) with limited RSU/PSU continuation .
- Trading signals: The December 2024 RSU accelerations (9,542 2024 tranche; 16,498 2023 tranche) and sizable 2024 vestings (275,130 shares vested value $6.92M) may create near‑term supply from tax‑related withholdings/settlements; monitor Form 4 activity around vest dates for incremental selling pressure .
- Execution focus: PSU metrics directly tied to fiber economics and TSR keep incentives on scaling profitable fiber; continued delivery on revenue and Adj. Fiber EBITDA should sustain pay‑for‑performance outcomes through 2026, subject to merger treatment .
FYBR’s 2024 say‑on‑pay approval (85%) and robust committee governance further support compensation credibility and alignment with investors .