Former Earthlink chief leaves Helio CEO post

Mobile virtual network operator Helio has announced that former SK Telecom CEO Wohnee Sull will take over as its chief executive.

Formerly led by Sky Dayton, the founder and former leader of Earthlink, the troubled network that began as a joint venture between Earthlink and Korean communications group SK Telecom is now seeing Earthlink's interest in the project gradually excised. Control of the Helio network has shifted to majority shareholder SK Telecom.

In August, the company consolidated its five field offices into just two, and cut 5% of its overall work force by shrinking headquarters. That resulted in a $54.8 million restructuring cost. Then the next month, SKT effectively bought out the entire project for $270 million, though Earthlink claimed it would retain a "meaningful" ownership stake in the previously 50/50 split.

On his move out of the CEO position to a non-executive chair on the board of directors, Dayton said he felt the "timing is right" for such a change, and that the two companies would continue to define Helio's direction and future.

But this move appears to more symbolic than anything else, as SK Telecom has already assumed financial responsibility for the project, and begun courting new markets.