Qwest Announces Key Leadership Decision
Dick Notebaert to seek retirement as chairman and CEO
Board of Directors conducting search for successor
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/
Windows Live, which will be included with Qwest Broadband service later this summer, is the foundation for future voice and data convergence.
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