Qwest Pulls the Cord on CEO Nacchio
Open season on high-profile CEOs continued Monday with news that Joseph Nacchio was ousted as chief executive of Qwest(Q Quote) and replaced by Tellabs CEO and former Ameritech chief Richard C. Notebaert.
Nacchio, whose job in the past six months has been reduced largely to trying to convince shareholders that the debt-laden company had enough money to avoid bankruptcy, reportedly learned Friday of the board's plan to replace him.
The ouster ends a stormy five years in which Qwest transformed itself from a fiber-optic data service carrier to a full-service phone carrier via the acquisition of U S West in 2000. But the company has suffered from the same over-capacity that sunk rivals like Global Crossing and cost Bernard Ebbers, the CEO of WorldCom, his job a month ago. ...
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