Qwest CEO Notebaert to Retire

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This was published 16 years ago

Qwest CEO Notebaert to Retire

Updated

Richard Notebaert, who took over as head of Qwest Communications as the telecommunications company coped with an accounting scandal, said Monday he will retire as chairman and chief executive officer.

Notebaert, 59, said he would leave after the board had chosen a replacement. Qwest Communications International Inc. said no timetable had been set for that process.

"The time has come for me to spend more time with family and focus on other commitments," Notebaert said in a written statement.

Denver-based Qwest is the primary telephone service provider in 14 Midwestern and Western states and operates a fiber-optic network for broadband services.

Notebaert joined Qwest as chairman and CEO in June 2002, replacing Joe Nacchio.

Nacchio was convicted in April of 19 counts of insider-trading. He has said he will appeal.

Before joining Qwest, Notebaert was president and chief executive officer of Tellabs, a communications equipment provider. He also spent 30 years with Ameritech Corp. in a variety of executive positions, including 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 in a written statement.

Frank P. Popoff, lead director on the Qwest board, said Notebaert had "exceeded all expectations. He will leave the company well positioned for future growth and truly will be missed."

Qwest shares slipped 2 cents to $10.15 in morning trading.

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