Digicel Group has appointed Rajeev Suri as chairman designate, succeeding founder Denis O’Brien after the implementation of a restructuring services agreement for the company.

Mr O’Brien remains a shareholder and board member.

Just this summer, the founder of the Pan-Caribbean telecoms firm reached an agreement with bondholders to wipe out close to $1.7 billion worth of Digicel's debt in exchange for a majority stake in the firm.

The restructuring deal has holders of bonds worth around $1.2 billion convert their investment into an initial stake of 62 per cent.

Those now with a controlling stake in the company comprise a shareholder consortium led by PGIM, Contrarian Capital Management and GoldenTree Asset Management.

In a joint statement, they said the experience brought by the new chairman, together with a strengthened balance sheet meant considerable potential to grow value and profitability.

In agreeing, Mr O’Brien commented: “Given his impressive track record of delivery over 35 years, I know he will both add value and create value for all our stakeholders.

“He joins superb local teams across the Caribbean and Central America with whom it has been my privilege to work for over 25 years. He is the ideal leader to deliver on Digicel’s next phase of growth.”

Mr Suri has worked in the telecom industry for around 35 years, most recently as CEO of Inmarsat from March 2021 until its acquisition by Viasat in May 2023.

Before that he was CEO of Nokia Siemens Network and was also previously commissioner of the United Nations Broadband Commission and chairman of the Global Satellite Operators Association.

At Inmarsat, the global mobile satellite communications services company, he delivered record financial performance and provided a successful exit for the company's private equity and pension fund shareholders.

At Nokia and Nokia Siemens Networks, he grew business value from €1 billion to more than €25 billion, creating one of the top two global leaders in telecommunications network infrastructure. He also led the sector's consolidation, improving the health of the company and the industry.

Previously, Mr Suri served as co-chair of the digitalisation task force for the B20 and he was also a member of various digital and healthcare committees at the World Economic Forum and is a past recipient of China’s prestigious Marco Polo award.

Mr Suri currently serves as a director of Stryker Corporation, Viasat and Singtel.