Tom Paine
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David Cuthbert, CEO of Philadelphia-based cloud and unified communications provider Alteva, was
named yesterday as CEO of its New York State-based parent company, which was also renamed Alteva from WVT Communications earlier this year. Cuthbert was already President of the parent company. This completes a gradual transition toward Philadelphia's Alteva management team taking greater responsibility for the entire company, although there was no indication in today's announcement that corporate headquarters would relocate to Philadelphia. (Update: this
article from Alteva's (WVT's) hometown paper in New York provides more information on the CEO transition and reiterates that Corporate headquarters will remain in New York for now.) Previous CEO Duane W. Albro will continue as a Director until May, the statement said.
Although its primary growth focus is on cloud and unified communications, Alteva still operates a local telephone franchise in its home area in New York as well as having an interest in a local wireless franchise there. Overall revenue in the 3rd quarter 2012 was $7.1 million with a net loss of $922,000. Alteva (NYSE MKT: ALTV) has a market capitalization of $64 million.
Alteva's Chief Sales Officer for both the parent and the Philadelphia unit, Louis Hayner, recently announced to his LinkedIn followers that he was leaving Alteva at the end of February to pursue other entrepreneurial opportunities.
WVT acquired Alteva for $17 million in cash and stock in July 2011.
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