Otelco Inc. announced that Mr. Richard A. Clark, the current President will also be appointed Chief Executive Officer and elected as a director of the Company. The position of Chief Executive Officer of the Company was previously held by Mr. Robert J. Souza, who will retire as Chief Executive Officer and as a director of the Company, as well as from all positions with the Company's subsidiaries, effective December 31, 2019. Mr. Clark has been the President of the Company since May 2019.

Prior to that time, beginning in October 2018, he was the Company's Chief Operating Officer. Prior to joining the Company, Mr. Clark served as Executive Vice President and Chief Financial Officer at FirstLight Fiber from December 2016 until September 2018. From October 2013 until December 2016, Mr. Clark served as Executive Vice President and Chief Financial Officer of Oxford Networks until Oxford was acquired by FirstLight Fiber.

Mr. Clark served as Senior Vice President and Chief Financial Officer of WAI Global (a global manufacturer and distributor of automotive aftermarket parts) from February 2011 through September 2013 and as Executive Vice President and Chief Financial Officer of Parts Depot Inc. from November 2005 through February 2011. Mr. Clark served in executive positions from 1995 through 2005 at various companies in financial and operating positions. Mr. Clark began his career at PriceWaterhouseCoopers from 1986 through 1995.