Gateway Fiber, a local developer of fiber broadband networks, has found its next top executive inside the business.
The Wright City-based company said that its president, Chris Surdo, will expand his leadership responsibilities and become CEO. He succeeds co-founder Heath Sellenriek, who has chosen to step down as CEO but remain involved with Gateway Fiber as an independent director on its board, according to a Wednesday press release.
Sellenriek, who co-founded the company in 2019 with Chris Calbreath and Bob Glarner, was president from 2019 to 2022, when he became CEO and Surdo became president
Prior to joining Surdo as CFO in 2020, Surdo held general management, corporate development and strategy roles for North Carolina-based industrial tech company EnPro Inc. (NYSE: NPO) and Minnesota-based multinational food corporation Cargill Inc., among other roles, according to LinkedIn.
“This transition is a planned and thoughtful step in our journey. It ensures that the company remains on a steady course, aligned with our relentless focus on our customers, our communities, and our people," Sellenriek said in announcing the change.
“Chris has been an instrumental leader in our company’s recent achievements and is well-equipped to lead us forward,” Sellenriek stated. “I have complete confidence in him and our leadership team to steer the company toward even greater success, and I am excited about what lies ahead for Gateway under his leadership.”
Gateway Fiber constructs, owns and operates fiber-to-the-home (FTTH) broadband networks and provides internet service to homes and businesses. It began operations by providing internet service in Missouri, with a focus on St. Charles, Lincoln and Franklin counties. Gateway Fiber in 2023 expanded to the Minneapolis metropolitan area, where it continues to grow and in June opened a new Minnesota office and warehouse to serve the market. In April this year said it will provide fiber service in Northampton, Massachusetts.
New York-based CBRE Investment Management, a real assets investment management firm that’s a subsidiary of CBRE Group, in 2023 acquired ownership of Gateway Fiber from Houston-based private equity firm Crosstimbers Capital Group, which had invested in Gateway in 2020.
In May this year, Gateway Fiber closed on $175.5 million in debt financing to aid its expansion into new markets, with Dallas-based Texas Capital Bank as the financing's administrative agent and Texas Capital Securities being the deal’s lead arranger. Joint arrangers of the financing included Hancock Whitney Bank, JPMorgan Chase Bank, Sunflower Bank and Third Coast Bank.
