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You are here: Home / Business / Qwest chairman hangs it up

Qwest chairman hangs it up

June 17, 2002 By admin

The controversial chairman of the “local” telephone company in Iowa and 13 other states has resigned as the firm tries to stave off bankruptcy. Denver-based Qwest bought “Baby Bell” U-S West a couple of years ago, but a sinking stock price, skyrocketing debts and a federal investigation of its accounting practices spelled the end of Joseph Nacchio’s tenure. Qwest is the nation’s fourth-largest local telephone company, serving 14 states from Minnesota to Washington. With 26-million dollars in debt, Qwest’s credit rating has recently been downgraded to “junk bond” status, and its stock has gone from a high of over 60 dollars down to four-bucks a share. Qwest will now be led by Richard Notebaert, who is the former chairman of Ameritech.

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Filed Under: Business Tagged With: Utilities

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