So Qwest'sundefined board finally got up enough guts to oust CEO Joe Nacchio, overriding founder Phil Anschutz.
Disgust at the company's funding crisis, the
Securities and Exchange Commission
investigation and the collapse of Qwest stock ultimately left the board little choice but to ask for Nacchio's signature on the exit forms. Amazingly, the highly revered Anschutz saw his own credibility tumble from its lofty level, and he had to sign, too, resigning as nonexecutive chairman.
Despite the turmoil, the company couldn't have found a better replacement for the boisterously glib Nacchio. Richard Notebaert, ex-CEO of former regional Bell operating company Ameritech, is a solid and straightforward manager who knows how to work the RBOC game, something Nacchio never had a clue about.
We can finally expect Qwest to begin to resemble more of the other RBOCs such as SBCundefined, BellSouth (BLS) and Verizon (VZ) - Get Free Report, which I'm convinced are part of an elite group of ultimate winners in the communications services business.
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Cody Willard is a telecom and financial analyst/consultant. He is also founder of
TelEconomics.com. Willard has co-managed $150 million in private investment funds and has headed up the research and analysis division of a venture development company. He has founded several telecom and technology companies and has managed the wholesale division of a $100 million CLEC.
He also produces a premium product for TheStreet.com called
The Telecom Connection. At time of publication, Willard was long SBC and Verizon, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Willard appreciates your feedback and invites you to send it to