11.06.2007 13:00:00
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Qwest Announces Key Leadership Decision
Qwest Communications International Inc. (NYSE:Q) and its Board of
Directors announced today that Richard C. Notebaert, Qwest chairman and
chief executive officer, has informed the Board of his decision to
retire in both positions upon the selection of a successor, for which a
formal search is under way.
The company plans no changes in strategy or operations as a result of
today’s announcement and no timetable has been
set for naming a new chairman and CEO.
"I am extremely proud of our accomplishments
during the past five years and have full confidence in the leadership at
Qwest,” Notebaert said, "The
time has come for me to spend more time with family and focus 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. I look forward to working closely
with the Qwest Board in its search.”
Frank P. Popoff, lead director on the Qwest Board and former chairman
and CEO of Dow Chemical Company, said: "Dick’s
leadership in the transformation of Qwest has exceeded all expectations.
He will leave the company well positioned for future growth and truly
will be missed.”
In another development today in New York City, Notebaert will speak at
2:45 p.m. EDT at Bear Stearns 18th Annual
Technology/Communications/Internet Conference (2007TECH). A live audio
of the webcast, or replay of the webcast, will be available at:
http://www.qwest.com/about/investor/events/ About Qwest
Qwest offers a unique and powerful combination of managed voice and data
solutions for businesses, government agencies and consumers –
locally and throughout the country. Customers coast to coast are turning
to Qwest's industry-leading national fiber optic network and its Spirit
of Service for quality products and superior customer experience. Qwest
is a participant in Networx, the largest communications services
contract in the world, to provide leading-edge voice, data and video
services. For more information on Qwest, and its various operating
subsidiaries, please go to www.qwest.com.
For information about the products and services Qwest is offering in the
Networx contract, visit www.gsanetworx.com Biography Richard C. Notebaert, 59, has been chairman and chief executive
officer of Qwest since June 2002 and guided the company in 2006 to its
first-ever year of operational profitability. Prior to that, he was
president and chief executive officer of Tellabs, a communications
equipment provider. He enjoyed a 30-year career with Ameritech Corp.,
holding many senior leadership positions, including chairman and chief
executive officer. Under his leadership, Ameritech produced
exceptionally strong financial results among major U.S. local
communications companies, including 45 percent sales growth and 293
percent total return during the period, and five straight years of
double-digit earnings growth. In addition to continuing as chairman of
Qwest’s board of directors, Notebaert is a
member of the board of directors of Aon Corp., Cardinal Health, Inc. and
the Denver Center for Performing Arts. Recently, he was elected chair of
the Board of Trustees at Notre Dame University and has served as a
trustee for 10 years. In April 2003, he was appointed by President Bush
to the National Security Telecommunications Advisory Committee. A
graduate of the University of Wisconsin, Notebaert holds both a bachelor
of arts degree and master’s degree in
business administration.
Forward Looking Statements Note
This release may contain projections and other forward-looking
statements that involve risks and uncertainties. These statements may
differ materially from actual future events or results. Readers are
referred to the documents filed by us with the Securities and Exchange
Commission, specifically the most recent reports which identify
important risk factors that could cause actual results to differ from
those contained in the forward-looking statements, including but not
limited to: access line losses due to increased competition, including
from technology substitution of our access lines with wireless and cable
alternatives, among others; our substantial indebtedness, and our
inability to complete any efforts to de-lever our balance sheet through
asset sales or other transactions; any adverse outcome of the current
investigation by the U.S. Attorney's office in Denver into certain
matters relating to us; adverse results of increased review and scrutiny
by regulatory authorities, media and others (including any internal
analyses) of financial reporting issues and practices or otherwise;
rapid and significant changes in technology and markets; any adverse
developments in commercial disputes or legal proceedings, including any
adverse outcome of current or future legal proceedings related to
matters that are or were the subject of governmental investigations;
potential fluctuations in quarterly results; volatility of our stock
price; intense competition in the markets in which we compete including
the effects of consolidation in our industry; changes in demand for our
products and services; acceleration of the deployment of advanced new
services, such as broadband data, wireless and video services, which
could require substantial expenditure of financial and other resources
in excess of contemplated levels; higher than anticipated employee
levels, capital expenditures and operating expenses; adverse changes in
the regulatory or legislative environment affecting our business;
changes in the outcome of future events from the assumed outcome
included in our significant accounting policies; and our ability to
utilize net operating losses in projected amounts.
The information contained in this release is a statement of Qwest's
present intention, belief or expectation and is based upon, among other
things, the existing regulatory environment, industry conditions, market
conditions and prices, the economy in general and Qwest's assumptions.
Qwest may change its intention, belief or expectation, at any time and
without notice, based upon any changes in such factors, in Qwest's
assumptions or otherwise. The cautionary statements contained or
referred to in this release should be considered in connection with any
subsequent written or oral forward-looking statements that Qwest or
persons acting on its behalf may issue. This release may include
analysts' estimates and other information prepared by third parties for
which Qwest assumes no responsibility.
Qwest undertakes no obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to any
forward-looking statements and other statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
By including any information in this release, Qwest does not necessarily
acknowledge that disclosure of such information is required by
applicable law or that the information is material.
The Qwest logo is a registered trademark of Qwest Communications
International Inc. in the U.S. and certain other countries.
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