Level 3 Announces Jeff K. Storey as Chief Executive Officer
Level 3 Communications (NYSE: LVLT) today announced that Jeff K. Storey has been appointed by the Board of Directors to be the company's president and chief executive officer (CEO), effective immediately. Mr. Storey was also nominated for election to the Board of Directors at the company's Annual Meeting of Stockholders to be held on May 23, 2013. The company also announced that James Q. Crowe will not stand for reelection to the company's Board of Directors at the company's 2013 Annual Meeting.
"We are extremely pleased to name Jeff as our new CEO and look forward to him joining our Board of Directors," said Walter Scott, Jr., chairman of the Board of Directors of Level 3. "Jeff was the clear and unanimous choice of the Board. With 30 years of industry experience and his intimate knowledge of Level 3's customers, employees and operating environment, Jeff is the right executive to lead Level 3 into the future."
Storey joined Level 3 in 2008 as the company's president and chief operating officer. Prior to joining Level 3, Storey served as president of Leucadia Telecommunications Group where he was responsible for investments and operations across various industries. Before Leucadia, Storey served as president and chief executive officer of WilTel Communications. Prior to that, he was a senior executive at Cox Communications, where he was one of the founding members of Cox Business Services. Storey began his career in telecommunications with Southwestern Bell Telephone.
As part of the company's succession planning, the Board of Directors formed a transition planning committee. The committee engaged Russell Reynolds, a global executive search and assessment firm, to assist with a market evaluation and leadership assessment process.
"Through the committee's work it became clear that Jeff was without question the best candidate for the job," said Michael Mahoney, chairman of the transition planning committee and the compensation committee of the Board. "Jeff's diverse experience across the telecommunications industry, his character and his deep understanding of Level 3's opportunities and challenges led to the Board's decision to name him as CEO."
"I am honored by the confidence and trust the Board has placed in me and am energized by the opportunities ahead for our company," said Storey. "Today with our solid financial foundation, our expanding position in the enterprise market and the substantial progress we've made with integration, I believe our opportunities are greater than ever.
"The company is where it is today because of Jim Crowe. On behalf of the entire company, I thank Jim for his inspired leadership and strong belief in what Level 3 could become. I look forward to building on this vision and leading our company into the next phase of profitable revenue growth, with a focus on generating Free Cash Flow."
"I have known and worked with Jeff for a number of years, and I can say without qualification that no one is as well prepared and qualified as he is to assume the leadership of the company," said Crowe. "I'm extraordinarily proud of the company we've built, and I'm committed to assisting Jeff and the Board of Directors to ensure a smooth and successful transition."
"Jim Crowe created a bold vision for our company over 15 years ago, and I want to thank him on behalf of the Level 3 Board of Directors for his extraordinary contribution," continued Scott. "He envisioned a new kind of communications company, and he built it from the ground up. I think it's no exaggeration to say that he helped transform the communications industry."
Level 3 will release its first quarter 2013 results on Thursday, April 25, and will host a conference call at 10 a.m. ET.
About Level 3 Communications
Level 3 Communications, Inc. (NYSE: LVLT) provides local, national and global communications services to enterprise, government and carrier customers. Level 3's comprehensive portfolio of secure, managed solutions includes fiber and infrastructure solutions; IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data center and cloud-based solutions. Level 3 serves customers in more than 500 markets in 55 countries over a global services platform anchored by owned fiber networks on three continents and connected by extensive undersea facilities. For more information, please visit www.level3.com
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