Richard Notebaert to leave Qwest Communications

Richard Notebaert has announced in a statement that he is soon going to step down from his position at Qwest Communications as chairman and chief executive officer.

He said in his statement that he would step down as soon as the company finds a replacement for his position in the company.

He added: “The time has come for me to spend more time with family and focus on other commitments.”

Notebaert had joined the company as chairman and CEO in June 2002 when he took over from Joe Nacchio. He has been convicted of 19 counts of insider-trading for which he plans to appeal.

Notebaert added about his experience working for Qwest: “I am extremely proud of our accomplishments during the past five years and have full confidence in the leadership at Qwest.”

Frank P. Popoff, lead director on the Qwest board added that the company was very happy with the work he had done. He said: “He will leave the company well positioned for future growth and truly will be missed.”

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