Last Mile Connections (LMC) said on Tuesday executive chairman Ron LeMay will take over as CEO and president.

He replaces founder, president and CEO James Martino, who is stepping down after helping the company raise $33 million in investment capital. LeMay came to the company in September 2005 from Ripplewood Holdings LLC, once Ripplewood closed its investment in LMC.

LeMay has also served as president and COO of Sprint Corp. and been a representative executive officer for Japan Telecom.

Last Mile Connections is fortunate to have a highly regarded industry veteran like Ron step into this role and carry LMC to the next stage in its evolution, said Martino. Ron’s knowledge and experience in the industry is invaluable, and I am confident he is best suited to lead the company as it grows into a more mature operation.

Martino saw LMC through four rounds of private equity funding with One Equity Partners (JP Morgan Chase) and Ripplewood Holdings, raising $33 million in investment capital. LMC said he helped transform the company into a fully operational bandwidth exchange and solutions provider. Martino will continue his work in the emerging market sector with private equity and venture capital investments.

I thank James for his vision, persistence and other significant contributions and express my appreciation, in particular, for his assistance in creating a smooth transition which will benefit our customers, employees and investors, LeMay said in a news release.

Last Mile Connections www.lastmileconnections.com