CommScope Holding Company, Inc., a global manufacturer of telecommunications equipment, announced on Thursday that Charles “Chuck” Treadway will replace Marvin Edwards Jr. as president and CEO, according to an 8-K filing with the Securities and Exchange Commission.

This transition comes from the company’s board of directors’ “ongoing succession planning efforts,” according to the filing. Edwards will receive severance and benefits following his termination, the company said.

Treadway will earn an annual base salary of $1.1 million per year and be eligible for an annual bonus with a target amount of 150 percent of this base salary. He will also receive a grant of 500,000 restricted stock units, and a grant of 1.1 million performance shares that may be earned based on stock price achievement.

Treadway, 54, served as an operating executive with The Carlyle Group LP, a Washington D.C.-based private equity firm, from July to September 2020. He has also served as CEO of Accudyne Industries and held leadership positions at Thomas & Betts Corporation.

Treadway attended the University of Louisiana-Lafayette and Clemson University for his Bachelor and Master of Science degrees in electrical engineering, and Harvard Business School for his MBA.

The company’s founder and current chairperson, Frank Drendel, also ended his tenure as an active employee on Thursday, the company said in the filing. He will remain a member of the Board of Directors and be succeeded as employee chairperson by Claudius “Bud” Watts IV.

CommScope share price has been dropping since the company announced its second-quarter earnings, beating analyst estimates but showing a hit to sales from the COVID-19 pandemic. The company was recently chosen to help power a Mediacom Communications Corp. 10G smart home trial.

Shares of CommScope stock were trading at $9.07 Thursday, up 7 cents, or 0.78 percent.