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Telephone & Data Systems Inc. (NYSE:TDS) disclosed in a Securities and Exchange Commission filing that James W. Butman has stepped down as President and Chief Executive Officer of TDS Telecommunications LLC, a wholly owned subsidiary, effective June 9. The company stated that Mr. Butman continued with TDS Telecom (BCBA:TECO2m) as a Senior Advisor through July 1.
According to the press release statement, Mr. Butman and TDS Telecom Service LLC entered into a transition agreement in connection with his departure. Under the terms of this agreement, Mr. Butman will receive a lump sum cash payment of $2,000,000 and retain title to his current company vehicle. The agreement also entitles him to a prorated portion of his target annual bonus for 2025, amounting to $343,710, as part of the company’s 2025 Executive Officer Bonus Program.
The transition agreement includes post-termination provisions requiring Mr. Butman to adhere to confidentiality, non-disparagement, and cooperation covenants.
The filing was made public Thursday and is based on a press release statement included in the SEC Form 8-K. Telephone & Data Systems Inc. common shares and preferred depositary shares are listed on the New York Stock Exchange under the symbols (NYSE:TDS), NYSE:TDSPrU, and NYSE:TDSPrV.
In other recent news, Telephone and Data Systems Inc . (TDS) reported disappointing first-quarter 2025 earnings, with an earnings per share (EPS) of -0.09, missing the forecasted -0.01. The company also reported revenue of $1.15 billion, falling short of the $1.17 billion forecast. Despite these setbacks, U.S. Cellular, a TDS subsidiary, generated $79 million in free cash flow, an increase of $18 million from the previous year. Additionally, U.S. Cellular entered into a Fourth Amended and Restated Credit Agreement, which was noted to create a direct financial obligation for the company. In leadership changes, TDS announced the appointment of Ken Dixon as President and CEO of TDS Telecommunications LLC, succeeding Jim Butman, who will retire after over four decades with the company. Dixon previously held significant roles at Verizon Communications (NYSE:VZ) and Tillman FiberCo, LLC. Meanwhile, TDS continues to focus on fiber expansion and cost savings as part of its strategic initiatives, targeting an additional 150,000 fiber addresses in 2025. The company is also preparing for a significant transaction with T-Mobile, expected to close mid-2025, which could enhance its competitive positioning.
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