U.S. Cellular reshuffles CFO position amid financial restatements

CHICAGO-U.S. Cellular Corp.’s chief financial officer will become the CFO of the carrier’s parent company, Telephone and Data Systems Inc.
Kenneth Meyers will replace TDS’ current CFO, Sandra Helton, who is resigning effective Dec. 31. Meyers will continue to serve as a director of U.S. Cellular. His role as the carrier’s CFO will be taken on by Steven Campbell, who is currently U.S. Cellular’s controller.
TDS president and chief financial officer LeRoy Carlson Jr. said that Meyers “has held multiple senior accounting roles” in two decades of working for U.S. Cellular, and that he “has played an integral part in the company’s growth and success. I am confident that he is the right person to take charge of TDS’ financial and accounting responsibilities at this time.”
“After eight years with the company, I feel the time has come for me to move ahead with some other personal and professional interests,” Helton said.
Both TDS and U.S. Cellular have spent the past year going through a series of financial restatements, which earned them repeated warnings from the American Stock Exchange that their stocks might be de-listed if the companies continued to fail to make quarterly filings on time.
Most recently, the company said it would again restate earnings for the first and second quarters of this year, plus results dating back to 2002, to correct accounting for prepaid forward contracts. According to figures that the company released last month, the restatements are expected to have a mostly negative impact on past results.