Richard Notebaert, longtime CEO of Qwest (Q) is leaving. He is 59, and the announcement is odd. He will remain until his successor is found. One would think the board would have handled that and then disclose that Notebaert was leaving.
But, he is on his way, and the stock is way up before the open, climbing about 3% to $10.43, which would put it right at its 52-week high.
Notebaert is not leaving because of the performance of the company’s shares. Like other major telecom company’s Qwest has done very well. It is up about 40% over the last year. It has moved nicely despite the fact that the company does not have a significant cellular business and does not have the capital to build-out a large fiber to the home operation the way that Verizon is.
But, there is never any telling. The board may think the company has gone as far as it can, and the CEO may disagree.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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