To do that, Epic's parent, Florida East Coast Industries Inc. of St. Augustine, FL, one of the largest commercial/industrial and real estate conglomerates in the state, is shaking up Epic's executive suite and eliminating 100 jobs associated with developing a national telecommunications network.
Instead, Epic's new executive team will concentrate on improving the company's balance sheet.
"With these initiatives, FECI expects to reduce Epik's annualized operating costs by approximately $14 million from approximately $53 million, before depreciation and amortization expense," Robert Anestis, FECI's chairman, president and CEO, says in a prepared statement.
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