RealTime IT News

Qwest CEO to Exit

Networking company Qwest Communications  is on a quest for new senior management. Current CEO Richard Notebaert said he would step down from his roles as CEO and chairman upon selection of a successor.

The company said it planned 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.

In a statement, Notabaert said: "I am extremely proud of our accomplishments during the past five years and have full confidence in the leadership at Qwest. The time has come for me to spend more time with family and focus on other commitments."

He said he would 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 noted that he looked forward to working closely with the Qwest board in its search.

Notabaert's predecessor at Qwest was Joseph Nacchio, who left the role amid accounting questions of the networking and phone service provider. Nacchio faces up to 10 years in prison and $19 million in fines after he was recently found guilty on 19 counts of insider trading.

Notabaert was widely viewed as a savvy manager who managed to slash the debt that he inherited when he took over for Nacchio. Shares of Qwest lost 81 cents to close at $9.36 during regular trading today but had gained a penny during after-hours trading.