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Web Host Qwest CEO to Retire.
2007-06-12, HostMan.biz Richard Notebaert, chairman and CEO of Qwest Communications International Inc. will retire as soon as the company's board of directors can find a replacement, Qwest said Monday. Qwest has begun a formal search for a replacement, but the company has not set a timetable for naming a new chairman and CEO, Qwest said in a press release. Notebaert, chairman and CEO since June 2002, informed the board of his decision to retire, the company said. Qwest plans no changes in strategy after Notebaert's retirement, the company said. Notebaert, in a statement, said he plans to spend more time with family and on other commitments. "I will leave the company only when the Board has selected a leader who shares our vision and will continue to guide Qwest's solid performance and reputation as a leading national communications provider with a very bright future," he said. Qwest, based in Denver, Colorado, recorded its first year of operational profitability under Notebaert in 2006. In addition to providing telephone and Internet services to customers in parts of the U.S. Midwest, Northwest and mountain states, Qwest also has a coast-to-coast fiber optic network and providers telecom services for the U.S. government. Notebaert took over from ex-CEO Joseph Nacchio, who was convicted by a federal jury in April on 19 of 42 counts of insider trading. After Nacchio left Qwest, the company had to restate US$2.5 billion in revenue due to fraudulent accounting practices. Frank Popoff, lead director on the Qwest board, credited Notebaert with turning the company around. "Dick's leadership in the transformation of Qwest has exceeded all expectations," Popoff said in a statement. "He will leave the company well positioned for future growth and truly will be missed." |
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