Qwest’s chairman, CEO to step down
Qwest Communications International Inc.’s Chairman and CEO, Richard C. Notebaert, will retire from both positions upon the selection of a successor, for which a formal search is underway.
Last week, Qwest announced that Barry K. Allen, EVP of operations, will retire June 29, and that Robert D. Tregemba, currently VP of network operations and engineering, will assume the new role of EVP of network operations.
Also last week, Comcast Corp. brought suit against Qwest for an advertisement in which Qwest claimed that 72 percent of users in a “Broadband Challenge” found Qwest’s premium service to be as fast, or faster than Comcast’s.
Meanwhile, former Qwest CEO Joe Nacchio and four other one-time executives have been on trial for arranging a massive financial fraud between 1999 and 2002. In April, a jury convicted Nacchio of illegally selling $52 million in stock during the scandal, and he was convicted on 19 counts of insider trading, but acquitted of 23 other counts. The company has not admitted any wrongdoing.
Notebaert succeeded Nacchio in 2002, and steered the company to stability, both operationally and financially.