Richard Notebaert, CEO and
chairman of
Qwest Communications International Inc.,
surprised colleagues and
shareholders Monday with his
unexpected announcement that he's stepping down as soon as a replacement is
found. Retiring to spend time with his
family, he leaves big shoes to fill for whoever steps
into the position. After all, when the 59-year-old Notebaert took over the
helm of the Denver-based telecom five years ago, it was reeling from a
multibillion accounting scandal that nearly plunged it into bankruptcy. Under
Notebaert's tutelage, his team has slowly revived the company through
aggressive cost cutting and
careful
investments. Last year, Qwest finally turned the corner when it posted its
first profit since 2000. But that forward march might hit a snag with not only
the eventual departure of Notebaert, but also vice chairman and chief
financial offer Oren Shaffer, who left Qwest April 1, and executive vice
president of operations Barry Allen, who said he would retire effective June
29. Although replacements have been found for Shaffer and Allen, the trio will
be difficult to "really" replace considering they were the brain trust that
saved Qwest from bankruptcy. —Gerald Magpily
See
story from The New York Times
See
story from TheStreet.com
Continue reading below
