Emily Newman

Known for his measured approach and keen understanding of market dynamics, Dan Caruso has consistently demonstrated a knack for savvy foresight into the ebb and flow of trade. After laying the foundation of success in his initial ventures, he is now diversifying his portfolio by investing and collaborating with an array of entrepreneurs across various industries. With an eye on the future, Caruso is exploring cutting-edge domains such as space tech, quantum computing and sensing, and artificial intelligence. Unlike most professionals who set 5, 10, or perhaps 20-year objectives, this visionary is thinking in terms of a “100-year plan,” showcasing the grand scale of his ambition. Known as an instrumental leader in companies like Level 3 Communications, ICG, and, most notably, as the Co-founder and CEO of Zayo Group, Dan Caruso is making a significant mark on the industry. As he charts a course toward a future rich with potential, he has aptly earned the moniker “The Foreseeing Magnate.” Discover more about the visionary charting a path towards an innovative and expansive future: Mr. Dan Caruso.

Hailing from the south suburbs of Chicago, Dan Caruso was no stranger to skepticism and discouragement. From an early age, he encountered voices, including a guidance counselor, who plainly told him, “You’d never be able to do it.” As a young, aspiring engineering student these words resonated deeply with Caruso, especially when he received rejection letters from all the schools to which he had applied. He vividly recalls this defining moment, which ignited a fire within him to take education seriously. Undeterred, he enrolled in the liberal arts colleges, with the intention of transferring into an engineering program—a plan that advisors tried to dissuade him from. Caruso, however, was resolute; he excelled in math, physics, and chemistry, earning top marks that allowed him to transfer into his desired engineering program. Although it took him five years to complete his engineering studies, much to his parents’ chagrin, he remained committed.

While still in school, Caruso became keenly aware of significant developments in the broader world, specifically the landmark deregulation of the Bell Systems monopoly. This event, along with other emerging trends in telecommunications, caught his attention. After completing his B.S., Caruso found himself irresistibly drawn to the seismic shifts occurring within the telecom industry. He launched his career at the Illinois Bell subsidiary of Ameritech and earned his MBA from the University of Chicago at night. He secured his first significant role at Chicago Fiber Optics, which later became MFS Communications Company, marking what he now recognizes as his inaugural experience with large-scale, growth-oriented companies.

Reflecting on those formative years in the telecom industry and the sweeping changes of that era, Caruso observed, “The expansion of fiber optics, the start of mobile, this idea that data was going to be bigger than voice, and deregulation made the telecom industry poised for revolutionary change. The Bell system had broken up and competition was on the verge of being introduced. MFS was beginning its scale-up journey when I joined, and I was fortunate to ride that hockey stick curve of explosive growth.” Dan was wired to be on the side of the newly emerging competitors rather than the side of the traditional telecom monopoly, Caruso played an integral role at Chicago Fiber Optics, which underwent a series of evolutions, eventually becoming Metropolitan Fiber Systems and then MFS Communications Co. In this vibrant, rapidly evolving environment, Caruso carved a path that would lead him to become a transformative figure in the world of telecommunications.

After several years, MFS was sold to WorldCom, providing Caruso with invaluable insights. “This merger helped me understand what it means to be part of any venture,” he reflects. “Whether it’s a successful startup, scaling up, an IPO, or a roll-up — all of those things happened for me during a 5-to-6-year period, including building relationships that paved the way for the next stage of my career.”

Caruso was among the select few whom WorldCom was keen to retain. He found himself in a position just one step removed from Bernie Ebbers and Scott Sullivan, both of whom at the time were seen as Wall Street’s “wonder boys” — the most acclaimed CEO and CFO of their time, respectively.

Regarding his time working alongside these high-profile executives, Caruso shares: “I was fortunate to have enough insight and business sense to realize something was amiss. That instinct led me to leave WorldCom earlier than I had originally planned. In doing so, I left unvested stock options behind to reunite with the quickly regathering team that had originally founded MFS.”

With this seasoned team coming back together and choosing to carve their own niche, they saw potential in Colorado. “We founded and launched Level 3,” Caruso says, “but it wasn’t easy to walk away from that equity. When I left, the equity doubled in value and I felt pretty foolish… Thankfully, I listened to my gut.”

His instincts proved wise. Over the next couple of years, WorldCom’s accounting fraud was revealed, the result of which led to Ebbers and Sullivan eventually being sentenced to prison. WorldCom went bankrupt and the equity Caruso had walked away from plummeted to nothing. “Let me tell you,” Caruso adds with a relieved smile, “I didn’t feel so foolish anymore!”

Taking Lead

In the late nineties, as the “fiber boom” and “dot com” era were entering full swing, Level 3 Communications began to take shape, marking new territory for Dan. Fresh from his experience at WorldCom, and with hard-won lessons in trusting his instincts, Caruso and Level 3 other founders assembled a trusted and experienced team. They entered the telecommunications industry ready to take on the competition, starting by building their own networks and collaborating with local inner-city and metro fiber groups.

For a time, they rode the upward curve of demand and, like many others, endured the downturn during the 2001-02 cycle — a period that Caruso feels has echoes in current events. Amid the boom, Level 3 faced numerous challenges, including a brush with bankruptcy.  “We were one of the very few who avoided bankruptcy,” Caruso recalls. “We scraped off the top of the trees and picked up momentum at the end. That was probably one of the most important parts of my career. Between 2002 and 2004, we really had to bear down and figure out how to get the company back to a solid spot. We built some strong relationships in the process, all while fighting through the trenches and emerging on the other side with a viable company.” By the end of Caruso’s tenure with the group, Level 3 had successfully navigated through the telecom meltdown.

Having narrowly avoided bankruptcy with Level 3, Caruso would face financial turbulence again at ICG, but this time as CEO. Contemplating his next move after Level 3, Dan found his next opportunity at a company on the brink of a particularly rough bankruptcy – ICG. “I was lucky enough to find a company where nobody else wanted to be CEO,” Caruso chuckles. With strong relationships established with reputable investors Columbia Capital and MC Ventures, led by industry veterans like John Siegel and Jim Fleming, Caruso and his team saw an opportunity to avoid bankruptcy altogether by buying ICG’s public stock and reworking their debt obligations.

“In closing the deal,” Caruso explains, “we took a company that was thought to be crashing face first into a Chapter 7 bankruptcy and bought it for almost nothing. We created a lot of value and ultimately exited by selling to multiple different companies, including Level 3. We invested $8.7 million and took out close to $250 million when the dust settled. It was a home run return when investors desperately needed it, as they were coming out of the telecom meltdown era. It certainly propelled us forward to come up with a thesis that would culminate in the formation of Zayo.”

This significant reversal—turning a company deep in the red into an overwhelming success—provided the financial backing to form Zayo Group. Under Caruso’s leadership at Zayo, significant and numerous acquisitions, such as AboveNet, 360networks, Spread Networks, and AFS Networks, expanded the company’s fiber network across the U.S. and steadily into Europe.

When asked what he, as the “Strategist” at the helm, considers the key factors behind Zayo’s success and what helped navigate him and his team through the challenges of such rapid expansion, Caruso reflects on the lessons of his past, the trust in his team, and an unwavering belief in the strategy they crafted together.

Caruso and his team identified an overlooked opportunity: the underestimated value of fiber. At that time, many investors viewed fiber as a toxic asset due to losses in the early 2000s. Caruso, however, saw it differently. He believed in focusing on the core infrastructure of fiber—selling dark fiber and bandwidth to large users—while avoiding higher-layer services like VoIP.

Caruso’s team noticed numerous “fiber orphans”—fiber properties that had survived the meltdown, and operated regional networks but were largely ignored by investors. The team’s strategy was to consolidate these underutilized assets under one strategic umbrella.

Many of these fiber properties had ended up with “accidental owners”—people or entities that had never intended to own such assets. Caruso’s direct approach—calling these owners and plainly offering to buy—proved effective. While these owners achieved good exits for themselves, Caruso and his team steadily built a healthy, valuable multi-geography fiber platform.

By staying focused on this “bandwidth infrastructure” approach, they built a platform reminiscent of what Level 3 had originally intended to be, before the industry trend shifted towards managed services.

“We were able to roll up these assets before most institutional investors caught on to what was happening,” Caruso explains. “We started in 2007 and accelerated while others were navigating the 2008-2009 Great Recession.  By 2012, other investors including Growth and Infrastructure Equity caught on, ‘Hey, maybe we should be consolidating fiber companies!'”

In summary, Caruso’s foresight and strategy—spotting and consolidating undervalued fiber assets under a coherent, focused bandwidth infrastructure approach—reshaped the landscape of the fiber industry, turning overlooked opportunities into a powerful network.

With a strategically constructed platform already in place, Caruso and his team found themselves on a well-timed and directed path toward their next significant venture: the acquisition of AboveNet. This key merger, Caruso recalls, elevated their relevance extensively throughout the industry, transforming them into a major player in the field.

A crucial step in this journey was navigating through the Initial Public Offering (IPO) process. Caruso notes that this step was instrumental in igniting the interest of potential investors. It generated what he remembers as a bit of “over-enthusiasm” for what they were aiming to accomplish. This buzz was a double-edged sword: while it brought a heightened interest to Zayo, it also resulted in other investors entering Bandwidth Infrastructure driving up the price of acquisitions and driving down pricing for organic revenue initiatives such as Fiber to the Tower.

“Entering the IPO process was a pivotal moment for us,” Caruso reflects. “It certainly brought a level of visibility and interest that we hadn’t experienced before. Suddenly, we were on the radar of a broader range of investors. But with this increased attention and investment came heightened expectations.”

Caruso candidly recalls how this burst of attention, while validating and energizing, also brought its own set of challenges. “It made what was relatively easy to execute in the early 2010s a lot harder to execute later on,” he explains. The influx of private equity capital created fierce competition for acquisitions and customer projects.

These were growing pains, as Caruso calls them—part of the learning curve associated with ascending through the ranks of a competitive and rapidly evolving space. Yet, throughout these challenges, Caruso and his team remained resilient and adaptable, continually learning, and refining strategies as they solidified their place as leaders in the industry.

The acquisitions of AboveNet, 360Networks, Electric Lightwave, American Fiber Systems, Spread Networks, and Allstream were watershed moments for Caruso and his team, substantially increasing their relevance in the industry. The IPO process, while generating significant interest and investment, also introduced new complexities and expectations that the team had to navigate as part of their ascension in the telecommunications space.

When asked about the importance of building towards a common goal and cultivating Zayo’s culture and ethics around transparency and open communication, Caruso emphasizes that it’s about helping various teams understand their sense of purpose. For him, this goes beyond just the company’s success—it’s about the profound impact that success has on the people involved and the ripple effects it creates.

“Zayo invested $1.1 billion of equity throughout its life,” Caruso recalls. “When we sold Zayo for $14.3 billion, the equity was worth eight and a half billion! Turning $1.1 into $8.5 billion was accomplished by an extraordinarily capable, entrepreneurial, and driven team executing a focused Bandwidth Infrastructure strategy. We delivered outstanding results for our demanding customers, created tremendous value for our investors, and enabled an exciting and lucrative journey for the broad Zayo team. This harmonious blend of success and value is rare, and we were fortunate to live that experience together.”

Caruso attributes this success to the understanding of scale and meticulous buildup of fiber and internet infrastructure, merger and acquisition competency, a culture around creating value for our stakeholders, and the strong relationships they nurtured along the way. “We did it together,” he stresses.

Reflecting on his own career journey, Caruso notes the continuity and depth of relationships he has maintained over the years. “There are people I’ve worked with across three, four, five different companies who joined the Zayo team,” he observes. “Many of them came from MFS, Level 3, ICG, and even my Ameritech days. Without building upon these core relationships, the journey I’ve had would not have been possible.”

For Caruso, the success of Zayo is deeply intertwined with purpose, strong relationships, and an unwavering team commitment. His leadership focused on fostering a culture that values open communication, a shared sense of purpose, and the nurturing of enduring professional relationships that, in his experience, have been instrumental in achieving extraordinary results.

Technology Leaps to Success

To Caruso, the future is not just bright; it’s transformative, driven by rapidly evolving technologies like Space Technology, Artificial Intelligence (AI), and Quantum Computing and Sensing.

“People have always been afraid of new technologies,” Caruso observes, drawing a line from television sets that spooked earlier generations to the unease that some feel about the internet and AI today. But to him, fear is no reason to turn back. “AI is the way forward!” he insists.

Caruso envisions a world where AI, combined with emerging technologies like quantum computing and sensing, will redefine what’s possible. “We haven’t even scratched the surface of what data will look like 10 years from now, 50 years from now,” he explains. He believes that we are at the dawn of a new era where technology will rapidly start to approach and even surpass human capabilities.

In Caruso’s view, the true power of AI lies in its ability to process vast amounts of data quickly and generate sensible results. As AI becomes more sophisticated, the volume of data it can handle, and thus produce, will proliferate dramatically.

He shares an example from the world of robotics, highlighting a company called AMP Robotics that is working on automated recycling systems. These systems need to process a multitude of data types in real-time — from visual data that helps identify materials on a conveyor belt, to weight data that helps sort these materials effectively. As these systems process more data and become more efficient, the demand for stable, reliable networks to handle this data will soar.

Caruso sees these technological leaps as integral to the telecom industry’s future. In a world increasingly dependent on data, the need for robust, reliable networks to store and access this data in real-time will be paramount.

When asked what defines success for him and what drives him to continually pursue new avenues, Caruso’s formula seems rooted in his love for innovation and his belief in the transformative potential of technology. For him, success is not just about building profitable companies; it is about fostering teams that can envision and shape the future, leveraging technology to solve complex problems and improving the world.

In today’s rapidly evolving world, the gap between ambitious individuals and those less engaged is widening, creating unprecedented opportunities for those with genuine ambition. This is particularly evident in the current economic cycle, which, despite its challenges, has sparked a wave of innovation across various fields including fintech, space tech, and medicine.  Caruso explained, “one primary example of these new tools for ambitious individuals is artificial intelligence (AI). AI is poised to be as transformative as the internet, revolutionizing productivity across all sectors. As these tools become more accessible, those who are proactive and engaged in leveraging technologies like AI find themselves at a distinct advantage. They can be remarkably more productive than their peers, effectively navigating the vast range of opportunities that our modern world offers.”

However, this also raises concerns about growing inequalities, as those who remain disengaged risk falling irretrievably behind.

“Individuals who are not actively engaged in their work or personal development may find it increasingly difficult to catch up with their more motivated peers. One of the significant risks facing young people today, especially as they emerge from the Covid era, is the adoption of less diligent work habits. In the current environment, finding a job has been easier, and flexible working environments have become more commonplace. It is essential for individuals to recognize the importance of developing their skills and expertise, thereby ensuring they are positioned to thrive in this dynamic environment.”

Dan Caruso is focused on building a legacy through a multi-generational family plan, centered around a single-family office environment. He is investing time in developing skills and capabilities in trust management and staying current with technology trends, which are integral to the family’s culture, values, and purpose. The goal is to establish a 100-year plan that considers the future for not just his life but for the next 3-4 generations as well. This long-term vision is meticulously mapped out, considering the needs and opportunities for family members who will come of age a century from now. Beyond his family-centric objectives, Caruso remains active in the entrepreneurial community, especially in Colorado. He is an investor in a diverse range of companies, including space tech, quantum, and language translation services, reflecting his love for engaging with groundbreaking technologies and innovative entrepreneurs.

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Thank you, Dan Caruso, for enlightening us and the telecoms community with your insights. While we’ve touched on a fraction of your journey as “The Foreseeing Magnate”, there’s much more to explore in the future. As this month’s Luminaries in Telecom feature wraps up, we encourage readers to share their takeaways from Caruso’s strategies and generational planning in the comments. Have suggestions for other telecom leaders to feature? Reach out to [email protected]. Until next time, thanks for joining us!

The journey from an intern to a professional is one of immense growth, discovery, and accomplishment. For any company, an internship program represents not just a responsibility to provide students with real-world experience, but an opportunity to mold the future leaders of the industry. The success of NJFX’s internship program stands as a testament to this commitment.

This summer, we were fortunate to welcome Taylor Khan to our team. From the outset, it was clear that Taylor was a dynamic individual, ready to immerse herself in the telecom world. She approached her tasks with an eagerness to learn and a dedication that surpassed expectations.

Under the proficient mentorship of Emily Newman, our PR Marketing Manager, Taylor’s journey was nothing short of transformative. Emily, with her vast experience and dedication to nurturing talent, curated an extensive timeline and curriculum tailored for Taylor. This was designed not just to acquaint her with NJFX’s operations, but to fully immerse her in the broader nuances of the telecoms industry.

Emily guided Taylor through two major projects that showcased her growing understanding and expertise. The first required Taylor to delve deep into how AI is disrupting telecoms, identifying who is currently utilizing it, and outlining the steps we can take to ensure we harness every AI tool available for our customers’ ease. The second project was a direct application of her research. She was tasked with reimagining NJFX’s website and brand through the lens of AI insights she had gathered. As NJFX approaches its 7th anniversary, Taylor was presented with the exciting challenge of rebranding our identity. She pondered upon key questions: How should we evolve? How would this rebrand resonate with our customers?

Working hand-in-hand, Emily and Taylor embarked on this journey of rebranding. Through this process, Emily imparted a crucial lesson to Taylor, emphasizing the importance of seeking help when needed. As Emily often says, “Never be afraid to ask for help. Collaboration and curiosity are the stepping stones to success.”

Moreover, the hands-on experience didn’t stop there. Emily introduced Taylor to the technicalities of website management, ensuring she learned the intricate details of updating pages, posting blogs, and enhancing SEO. But it wasn’t all tech-focused. With a dab into the creative world, Taylor was also initiated into the realm of graphic design, getting acquainted with industry-standard tools like Adobe Photoshop and Illustrator.

Emily’s philosophy on mentorship is admirable, stating, “My goal was to offer an experience that would not just be a fleeting memory, but a foundation for her future career opportunities.” This sentiment encapsulates the ethos of NJFX’s internship program: to arm young talents with tools and experiences that serve them for life.

NJFX’s legacy of grooming interns into professionals is not new. Over the years, our internship program has witnessed the rise of many success stories. Kate Santaliz, who started as our Site Access intern, now contributes her expertise as a Capitol Hill Researcher at NBC. Sarah Kurtz transitioned from our Business Development Manager to a Data Center Selection Manager at Cloudflare. Amanda Kadunce, once our Sales and Marketing Intern, is now making strides as an Account Executive at QTS Data Center.

These tales of success aren’t just individual accomplishments. They stand as collective testimonies to NJFX’s commitment to fostering talent and setting young professionals on a trajectory of success. We take immense pride in these stories, for they mirror our dedication to nurturing and shaping the future leaders of the telecom industry.

We at NJFX believe that the best way to predict the future is to create it. And with our esteemed internship program, we are crafting a brighter, more innovative tomorrow, one intern at a time.

Data has rapidly become the global cornerstone of contemporary business operations. Enterprises range from small local firms to expansive corporations; these companies heavily rely on data for most fundamental day-to-day business operations. Its absence from just a couple of hours to a few days would lead to widespread disarray and cause a cascading effect on communications. Companies such as NJFX, play an indispensable role, not only through their provision of essential services but also through our unwavering commitment to remain at the forefront of an ever-advancing industry. Through the strategic utilization of cutting-edge technology and the delivery of unique service offerings, NJFX has emerged as a prominent industry leader and an esteemed powerhouse in the expansive realm of telecommunications.

As one of the premier hubs for subsea cable systems in North America, NJFX stands out as the sole Cable Landing Station Colocation Campus offering Tier 3 carrier-neutral data center capabilities. By providing direct connectivity to Europe, South America, and the Caribbean, NJFX enables organizations to bypass traditional chokepoints like New York City, Ashburn, and Miami. Beyond infrastructure, NJFX demonstrates deep importance to our customer’s reliance on their services for uninterrupted business operations. Prioritizing and maintaining robust and reliable interconnections through physical presence and access through essential areas Meet-Me-Rooms, ensures architectural diversity.

Situated on New Jersey’s easternmost edge, NJFX establishes a marketplace that offers a unique integration of flexibility, reliability, and security to numerous network operators, domestic and international. Our marketplace drives network reliability, enhances connection quality, reduces expenses, and reduces latency. Importantly, it mitigates the risks associated with international points of failure, making it indispensable for NJFX’s industry-leading customers. By prioritizing partnerships and enabling customers with access to advanced networking architecture, NJFX empowers its customers to be flexible, prepared for growth, and equipped with diverse network architecture that bypasses congested regions This approach ensures true route diversity down to the subsea cable layer, along with enhanced security, low latency, and access to a vast carrier ecosystem.

The success and reputation of NJFX largely rely on the exceptional talent behind the scenes. The company maintains a team of experts who embody the highest standards in both service delivery and maintenance, including collaborations with government entities such as the DOD, NSA, DHS, CISA, and state and local law enforcement. The team works closely with partners and clients to customize solutions that deliberate innovation. Operations Lead, Ryan Imkemeier heads their relentless commitment to reliability and round-the-clock 24/7/365 support with Remote Hand Services providing direct customer support when needed.  

However, the global communications industry faces a number of increasingly complex and significant challenges. Issues such as cyber warfare/attacks, geopolitical tensions, advancing technological pacing, and critical matters need consistent addressing, pos compounding hurdles to surmount all possible with tactful collaboration between sub-sectors within such an essential/vital industry. Recent research suggests that these issues will soon have critical implications within the next decade or two. These rising queries necessitate the reconstruction of routes and strategies that will further impact global connectivity.

Addressing these challenges is an immense undertaking, and inaction could have disastrous consequences. Sub-sea cables in the Atlantic Ocean that were deployed between 2000 and 2001 are now reaching their end-of-life cycle. The retirement of a cable depends on both its physical operation and the associated costs.

“We are on the brink of a monumental shift in Atlantic subsea cables, unprecedented in scale. This shift will create chokepoints in the Northeast region and potentially isolate legacy network handoff points. As new cables become operational, they drive a departure from legacy landing points and bandwidth handoffs. NJFX’s strategic location in Wall, New Jersey, was chosen as the landing point for the HAVFRUE consortium’s cable due to its distance from congested metro areas like New York City,” Gil Santaliz, CEO of NJFX.

Looking ahead, NJFX’s future is centered around optimization as we reinforce its service offerings and solidify our position as a leading hub in global connectivity. The importance of optimizing content caching along the main arteries of the internet to support the most popular content in Europe, South America, Africa, and Asia. In the coming years, NJFX’s CLS colocation campus will interconnect some high-level projects soon to be announced further extending interconnection capabilities for clients across the world. Additionally, NJFX was selected as the strategic landing point for the transatlantic subsea cable system, HAVFRUE/AEC2. This subsea cable system a joint project continues to flourish under the careful sentry of NJFX’s round-the-clock security and operations personnel. NJFX continues to aspire and strive to maintain trust and service and is a key strategic landing point for subsea deployments worldwide.

There are larger threats than rising sea levels. I think you can change this out with something else and keep the bottom the same. We just posted threats and security that highlight some of these. might be nice to tie the two together.

Among the notable participants was NJFX, proudly serving as a Platinum sponsor for this distinguished event. At the heart of this evening was the honor given to Mr. Les Quick, a symbol of professional success and community dedication.

The name Les Quick is synonymous with financial ingenuity, innovation, and unwavering dedication to community service. As a partner at NJFX only adds another feather to his illustrious cap, but his journey to this point has been nothing short of remarkable.

A Tribute to a Remarkable Leader

In 2004, Mr. Quick founded Simon Quick, showcasing his entrepreneurial spirit, but his legacy began in 1975 at Quick and Reilly Inc. As one of its earliest employees, he played a pivotal role in innovating the financial industry, helping to create a branch network, a clearing firm, and a NASDAQ market-making firm. In 1983, under Mr. Quick’s leadership, the company achieved a significant milestone by listing on the NYSE. After Quick and Reilly’s acquisition by Fleet Bank in 1998, he served as Chairman of Fleet Securities until 2003, and he remains a valued member of the Simon Quick Investment Committee today.

Beyond finance, Mr. Quick has served on various industry boards, including the NYSE Hearing Board and the Chicago Stock Exchange Board of Governors. His service extends into his community, notably as Chairman of Big Brothers Big Sisters of Hudson, Essex & Union Counties, and through his involvement in faith-based organizations, both in the U.S. and in Rome, Italy. His philanthropic leadership also shines in his roles at Morristown Memorial Hospital and the Foundation for Morristown Medical Center.

Mr. Quick’s life of service has not gone unnoticed. Among his honors are an honorary doctorate from St. Bonaventure University, the Ellis Island Medal of Honor, and the Flame of Charity’s Man of the Year award. His story is one of enduring commitment to excellence and community welfare.

Mr. Quick’s partnership with NJFX has been marked by shared values and a deep-seated commitment to serving others. Bound by a mutual respect between Mr. Quick and NJFX’s CEO, Gil Santaliz (whom he met while serving on the Morristown Medical Foundation Board), exemplify what it means for businesses to operate as forces for good.

Golf for a Cause

Adding to the excitement of the day was the golf tournament, where participants not only competed in the spirit of sport but also camaraderie for a noble cause. Our very own CEO, Gil Santaliz, was among the golfers, showcasing his skills on the greens. Golfing it was about demonstrating leadership and passion for the causes NJFX supports. It was a day where every swing, putt, and drive carried with it the spirit of giving back.

The celebration at Baltusrol Golf Club was more than just an event; it was a heartfelt tribute to a man whose life exemplifies the harmony of professional excellence and compassionate service. Mr. Les Quick, through his decades of leadership and innovation in finance, and his unwavering commitment to community welfare, sets an example that extends far beyond the business world.

His partnership with NJFX serves as a testament to the profound impact that businesses, when led by dedicated and empathetic leaders, can have on the world around them. As the sun set on a day filled with both competition and camaraderie, the legacy of Mr. Quick was illuminated brightly reminding us all that true success is measured not just by what we achieve for ourselves, but by the positive and lasting impact we make on the lives of others. This event, in honor of a remarkable leader and philanthropist, was a celebration of a life well-lived and a call for us all to strive for such a noble balance between professional achievement and heartfelt service.

Hello all and welcome back to Luminaries in Telecom!

This month’s featured person is a notable pioneer and potent Wall Street global dealmaker, focused on the Technology, Media, Telecommunications (TMT) / Digital Infrastructure & Services arena.  He, along with his colleagues, has made a material impact across the digital infrastructure arena over the course of the past 30 years, collectively transacting over a half trillion dollars in transactions across the globe.  He is also a steadfast philanthropist and cultural figurehead, working to better communities around him at home and abroad. Leveraging professional connections, he has spearheaded numerous philanthropic efforts that have given him and his family foundation international recognition. Some notable endeavors include, providing hundreds of educational scholarships to those less privileged abroad, co-founding the American University in Kosova (RIT Kosova), helping rebuild his father’s elementary school in Montenegro, establishing a foundation supporting women and children in crisis, organizing an orphanage and funding to adulthood the care of children that were the byproduct of rape during wartime, among countless other endeavors.  He has also worked tirelessly as an advocate, even working alongside government agencies to aid in relief/rehabilitation efforts during and after the various conflicts in the Balkans. In time, he developed a reputation with diplomats in the US and abroad for pragmatic thinking and acting as a reliable bridge between the region and the international community.  We got the chance to speak with the man we are coining, “The Financial Engineer,” Mr. Richard Lukaj.

Lukaj’s story starts not too dissimilar to many children of refugees of his generation. His parents were among those denied education/opportunity and who fled ongoing conflicts, vicious discrimination and the programmatic ethnic cleansing experienced by millions of ethnic Albanians in former Yugoslavia. His father initially migrated to Italy, his mother joining him not long after, to find work and provide for the families left behind.  During this period, they lived in a refugee camp just outside of Naples. “Here they would work and report into the camp at night and due to the isolation and absence of the Internet and other forms of entertainment, I was born!” laughed Lukaj. After a couple of years, the new family was afforded the opportunity to continue their journey migrating to the Land of Opportunity.

Lukaj’s parents settled in the lower east side of Manhattan, then considered the ghetto for Eastern European immigrants, taking on any available blue-collar jobs until his father landed long-term employment as a porter & security guard and his mother as a seamstress in the garment district. These humble beginnings forced the family to work very hard (often holding multiple jobs), learn quickly (including learning Spanish and other languages common in their new workplace) and adapt to their rapidly changing circumstances.  They risked and sacrificed everything, endeavoring to set forth a better life for him and his siblings, while also investing to teach their children about their values and traditions, most notably the value of integrity, hard work and education/experience.

At an early age, Lukaj excelled at school.  He was a top student at his elementary school, despite starting school unable to speak English, and never missed a single day. He was the graduating valedictorian of his middle school and ranked 7th in his graduating class of nearly 1,000 students at Brooklyn Technical High School. While in High School, he also completed numerous college courses in mathematics and engineering and managed to accumulate considerable advanced credits towards his university studies, completing nearly half his required courses before even attending college.  He always leaned into his technical skills, wanting initially to pursue a degree in engineering, but ultimately decided to attend what is now known as the Stern School of Business at NYU.

During his undergraduate studies, he also managed to work full-time and nearly complete his MBA simultaneously. While Lukaj was concentrating his education on Finance and Economics, his parents had urged him to study law. His first exposure came, while he was an undergrad, when he was hired as an administrative clerk/paralegal at one of the largest global law firms in NYC, Davis Polk and Wardwell. Lukaj reminisced on his experience, “I worked as a liaison between the Real Estate/M&A and Corporate Finance practices and external clients. I think that was a wonderful immersion and the opportunity that exposed me to the financial sector, most notably investment banks, which was eye-opening for me.” Not long after, he opted out of the legal profession and pivoted all his attention to the world of finance.

From this point, Lukaj’s career began to take root, blending the many branching paths he took in his years as an interdisciplinary student. He found his start on Wall Street as a financial analyst at Bear, Stearns & Co. Inc. Lukaj mused, “I’m a byproduct of my early disposition to always embrace change. When I started, we had no excel, no email, fax was a new technology, it was truly a different technology era! Early on in my career, I felt the inertia within the industry, competing against the considerable advantages of the larger established players that possessed access to proprietary information that was very difficult to access or duplicate. It was an uphill battle but being a scrapper raised in the concrete jungles of NYC… I was ready to dive in, learn and see what my life journey would translate to in this new uber-competitive arena.”

Lukaj’s approach was nothing short of loyal, persistent and dedicated, a young graduate eager to make his mark. He expressed that 80-100-hour work weeks were the norm, which pushed his abilities and ultimately enabled him to score and successfully execute transactions at a very early age, thus fostering a network on a global scale.

In 2002, he founded a predecessor entity which later acquired and became Bank Street, alongside his long-time partner James Henry (another legend in the sector). “When we first started, we had no shot competing on a global scale. I think our edge developed as our collective ability to access information and leverage it grew.  In many cases, we became ever more dynamic and nimbler than many of our rivals across the globe,” Lukaj said. “I would say respectfully that our franchise today is among the leading platforms across all the categories of the industries where we focus.  That would have been unimaginable a generation ago without all the new democratizing technologies and access to information that leveled the playing field for us to compete so effectively. We are now frequently up against the biggest and most venerable firms across the globe. I’d also venture to say the introduction of AI and other tools, which we are constantly evaluating, are creating more excitement about how these new elements promise to complement and augment our business. While some fear the pace of technology changes, I don’t think we see much threat of displacement for our business. What we do involves a fair amount of finesse / human skill, as well as transactional experience, which can’t easily be codified. I think our business is likely to be further transformed by the proliferation of fascinating new tools that allow us to be more efficient and more potent as professionals in this category.”

Lukaj started as a generalist banker, advising companies around the world across a variety of industries.  After a few years, he began to concentrate on Technology, Media & Telecommunications (TMT), most notably Internet & digital infrastructure and services.

When prompted about his substantial personal portfolio of transactions over his nearly 30-year career, Lukaj estimates he has worked on over 1,000 transactions with an aggregate transaction value exceeding $100 billion. Most Bank Street clients know them mostly for their domestic North American transactions; however, they have had major dealings on every populated continent, including today’s announcement representing New Zealand based Infratil in their JV with Hong Kong Telecom, Console Connect and multiple transactions last year in South America for KKR.

Aside from Lukaj’s professional accomplishment, perhaps his greatest achievements pertain to the philanthropic endeavors of his family to reconnect to their Albanian heritage. “Initially I had little exposure. Living in New York and meeting people from all over the world helps to enlighten you, but outside my family, I didn’t know too much about my heritage,” Lukaj said. “I remember vividly one night while sitting in my safe and secure penthouse apartment in mid-town, I sat down to watch the news and what I saw, I couldn’t believe… babies being handed out onto a train as they were being ushered (violently ethnically cleansed) out of a war-torn Kosova at the time. Sitting there with the realization that if things had gone differently, my parents had not made the journey of immigrating… any one of those faces could have been mine. I felt a calling to get involved. I needed to act. I spent considerable time at the Department of State, Defense and other circles and ultimately found a role mostly in advisory and advocacy addressing issues facing the region, which I still do today.”

We continued to learn more about the projects Lukaj’s family were involved and how they want to pay it forward.

Lukaj continues to spread the message that if you have the means and have such gifts, to assist whenever possible. Saying, it can be made especially easy to do so when you see yourself in those you want to aid. He spreads this message to his children, who appreciate the importance of such actions, and have also gotten heavily involved in philanthropic endeavors themselves. 

Thank you again, Mr. Richard Lukaj for taking time out of your schedule to share a bit of your ongoing journey with us and the greater telecoms community! And of course, there is more to the story of “The Financial Engineer”, Richard Lukaj, that we couldn’t cover that we may revisit in the future.

This concludes this month’s feature of Luminaries in Telecom. Please feel free to add to the conversation! Did you meet Rich Lukaj at the recent ITW? What did you take away from his ability to embrace education and inspire, ultimately using his position to provide aide to those in need. Sound off in the comments below with any fun facts/specifics that may have been missed.

For any suggestions about any movers and shakers in telecom history you think deserve a feature, send a message to [email protected].