Maxcom Finance Chief Cabredo Resigns Amid Turnaround Attempt

Nov. 15 (Bloomberg) -- Maxcom Telecomunicaciones SAB Chief Financial Officer Miguel Cabredo resigned to take another job in the midst of a turnaround attempt by the land-line phone company partly owned by Bank of America Corp.

Chief Executive Officer Salvador Alvarez will assume Cabredo’s duties, the company said yesterday in a filing to Mexico’s stock exchange. Mexico City-based Maxcom didn’t specify the next career step for Cabredo, who has been with the company for 12 years and was CFO for two years.

Maxcom is focusing on gaining residential and business users as its pay-phone division loses customers to mobile-phone companies and its wholesale unit cuts prices to compete with America Movil SAB. The company is retaining the rest of its financial staff, and its strategy is proceeding as planned, said Manuel Perez, Maxcom’s investor relations director, in an interview yesterday.

Maxcom dropped 0.8 percent to 3.53 pesos yesterday before Cabredo’s departure was announced. The shares have slid 2.8 percent this year.

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