Cogent Communications (NASDAQ:CCOI), a facilities-based ISP provider, has named former XO Communications senior sales and marketing executive Ernest Ortega its new vice president of Global Sales and Chief Revenue Officer, Cogent announced today.

In addition to a $300,000 annual salary and possible commissions based on performance, Ortega's compensation package also includes a grant for 40,000 restricted shares of Cogent stock, according to an SEC filing. The restricted stock will become fully vested in August 2018, assuming there is no change in Ortega's employment status.

Founder, chairman, and CEO of Cogent Communications Dave Schaeffer commented, "Ernie is a great addition to our senior team and we know his experience in the industry will contribute to further sales growth."

At $1.37 billion in market cap, Cogent Communications generated a total of $324.6 million in revenues the past four quarters.