Windstream Corp. (NYSE: WIN) announced Thursday that it named Dennis Foster as its new chairman, according to Associated Press.
Foster has been lead director at Windstream, serving as chair of the governance committee. Foster is a principal at Foster Thoroughbred Investments in Lexington, KY and was vice chairman at Alltel Corp.
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Foster replaces Francis Frantz, who has been chairman since July 2006. Frantz, who was also an AllTel executive, will not qualify as an independent director for several more years because he was compensated when he moved from Alltel to Windstream. He will stay on as a director.
On Wednesday, the phone company's board agreed to give shareholders a vote on executive compensation at its May 5 annual shareholders' meeting. It also adopted a policy that requires executives to pay back part of their compensation in certain situations if earnings have to be restated. It also requires that directors in uncontested elections must get the majority vote.
Windstream also declared a quarterly dividend of 25 cents per share. It is payable on April 15 to shareholders of record as of March 31.
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