Dick Notebaert, who took over Qwest Communications as it coped with an accounting scandal, said Monday he will retire as chairman and chief executive officer.
Notebaert, 59, said he would leave after the board had chosen a replacement. Qwest said no timetable had been set for that process.
“The time has come for me to spend more time with family and focus on other commitments,” Notebaert said in a written statement.
Notebaert joined Qwest as chairman and CEO in June 2002, replacing Joe Nacchio. Notebaert led the company to its first-ever year of operational profitability in 2006.
Nacchio was convicted in April of 19 counts of insider-trading. He has said he will appeal.
Before joining Qwest, Notebaert was president and chief executive officer of Tellabs, a communications equipment provider. He also spent 30 years with Ameritech Corp. in a variety of executive positions, including chairman and CEO.
“I am extremely proud of our accomplishments during the past five years and have full confidence in the leadership at Qwest,” Notebaert said in a written statement.
Frank P. Popoff, lead director on the Qwest board, said Notebaert had “exceeded all expectations. He will leave the company well positioned for future growth and truly will be missed.”
