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From: : luckybeatsgood
Date: 17 Jun 2002
Time: 18:21:55
And Anschutz resigned as non-executive chairman of the board, but remains a director and chairman of the executive committee of the board.
During a board meeting late Sunday, Qwest directors named Tellabs (news - web sites) CEO Richard Notebaert as the company's new CEO, the company said. Notebaert, who had been CEO at telecommunications equipment maker Tellabs since September 2000, is the former head of Ameritech.
In a statement Monday, Qwest said Nacchio agreed to serve as a consultant to the company for up to two years. In addition, Philip F.Anschutz resigned as non-executive chairman of the board. Anschutz remains a director and chairman of the executive committee of the board.
Analysts were mixed on the Nacchio resignation, calling it a case of too little, too late. Merrill Lynch analyst Adam Quinton noted that Nacchio is gone but that all the company's debt stays. He also took issue with Nacchio being retained as a consultant.
"Surprisingly, coming after aperiod of deteriorating results, missed estimates and an ongoing SEC inquiry, Qwest apparently sees a need for Mr. Nacchio to remain as a consultant to the company for up to two years," Quinton said in a research note.
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http://story.news.yahoo.com/news?tmpl=story&u=/cn/20020617/tc_cn/93653 5