Dave Wittwer will retire as president and CEO of TDS Telecom, Madison, at the end of 2017, and chief operating officer Jim Butman will succeed him.
Parent company Telephone and Data Systems, Chicago, announced the leadership transition Tuesday.
Wittwer, 56, has been a TDS employee for 34 years and CEO since 2007.
TDS is the seventh-largest local exchange telephone company in the U.S. but in recent years, the company has moved away from its roots as a traditional phone company and expanded its offerings to include broadband, cable TV and computer data centers.
Operating revenue for TDS Telecom has increased from $881 million in 2006 to $1.15 billion in 2016. The company had 2,700 employees and served 28 states in 2006; today it employs 3,400 with operations in more than 30 states.
Wittwer received a compensation package that totaled nearly $2.8 million in 2016, according to documents filed with the U.S. Securities and Exchange Commission. That included a base salary of $631,000 and a bonus, paid in 2017, of $586,100. About $1.5 million worth of stock and stock options made up the biggest portion of the package, to be vested — which means available to cash in — starting in 2019. Wittwer will remain on the TDS board.
Butman, 59, has worked at TDS for 32 years. He has a bachelor’s degree from UW-Eau Claire and a master’s in business administration from UW-Madison.