However, Rivada Network did announce a major personnel change this week. On Tuesday, it was revealed that co-CEO Joe Euteneuer—who also served as chief financial officer for Rivada Americas—has been named CFO for toy giant Mattel, although he will remain on the Rivada Networks board. Declan Ganley will continue as Rivada Networks’ lone CEO, and the company plans to announce a new Rivada America’s CFO “shortly,” according to a company press release.

"In the year and a half since Joe came on board, he has worked with our CFO, Orla Fitzpatrick, and our head of capital markets, Elizabeth Moore, to put in place key banking relationships that will take Rivada to the next level,” Ganley said in prepared statement. “With that job done, the time was right for Joe to move on. I’m pleased that Joe will remain involved with Rivada for the long term.”

In a Rivada Networks press release, Euteneuer said “it was time to turn a page in my professional life” and expressed optimism about Rivada Networks’ future.

“I am convinced that Rivada’s dynamic-spectrum-sharing technology is the future of the wireless industry and look forward to continuing to assist Declan and our team in my new role,” Euteneuer said in a prepared statement.

In its press release announcing the hiring, Mattel noted that Euteneuer has “more than four decades of financial leadership experience in the technology, telecom and cable industries,” citing his experience at Sprint, Qwest Communications, XM Satellite Radio and Comcast. Euteneuer’s tenure at Rivada Networks was not mentioned, with the press release stating that “prior to joining Mattel, he was CFO at Sprint.”