Qwest Communications - Joseph P. Nacchio as Chairman

Qwest Communications - Joseph P. Nacchio as Chairman

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Qwest Communications - Joseph P. Nacchio as Chairman
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Beautifully engraved Certificate from the Qwest Communications . This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of the company's logo. This item has the printed signatures of the company's officers including Joseph P. Nacchio as Chairman and CEO.
Certificate Vignette DENVER, June 17 /PRNewswire-FirstCall/ -- Qwest Communications International Inc. (NYSE: Q) announced today that its Board of Directors has unanimously elected Richard C. Notebaert, former chairman and CEO of Ameritech Corporation, as its chairman and CEO, effective today. Notebaert succeeds Joseph P. Nacchio, who voluntarily resigned from his position as chairman and CEO and from the Board. Nacchio has agreed to serve as a consultant to the company for up to two years, to assist in transition, strategy, planning and other matters of importance to the company. At the same time, Philip F. Anschutz resigned as non-executive chairman of the board. Anschutz remains a director and chairman of the executive committee of the board. Qwest Communications is a global leader in Broadband Internet-based communications. With one of the largest, most technologically advanced networks in the world, Qwest is powering the exchange of multimedia content - images, data and voice. By strategically aligning with world-class technology leaders, Qwest is helping customers of every type and size benefit from the full potential of the Internet. April 20, 2002 - Two major debt-rating agencies on Friday cut Qwest's credit rating, a day after the Denver telecommunications company lowered revenue and earnings forecasts for the year. Standard & Poor's and Fitch downgraded Qwest's $25 billion in debt to one notch above junk status, which will reduce its value to investors. Moody's Investor Service made a similar cut in March. The debt-rating cuts, along with stock downgrades from investment banks, sent Qwest shares down nearly 13 percent. Qwest's stock closed Friday at $6.60 a share, down 97 cents. Credit Suisse First Boston, Merrill Lynch, Lehman Brothers, Robert W. Baird and Jefferies & Co. downgraded Qwest's stock. "The reduction is largely because of their revision in expectations for their performance this year," said John Culver, a credit analyst with Fitch. Qwest said it is working to improve its financial position. "While we're disappointed with the downgrades today, Qwest continues to take steps to strengthen its balance sheet. We have resolved our short-term liquidity issues and we also expect to reduce our debt by selling all or a part of some of our selected businesses," said Qwest spokesman Tyler Gronbach. The sale of noncore assets, such as Qwest Wireless and Qwest Dex, could fetch more than $10 billion, which the company would use to lower its debt. "We want to see those sales get announced and get executed," said Greg Zappin, an S&P credit analyst. "We're expecting something to get announced over the next two quarters. And we would want to revisit things if we don't see some progress on that during that time frame." The debt-rating agencies said they expect Qwest to hit its new financial forecasts in order to maintain its credit rating. "What we'd be looking for the remainder of the year is for Qwest to meet their targets as well as to continue progress as well as their de-leveraging plan," Culver said. Qwest on Thursday lowered revenue expectations for 2002 from $19.4 billion to between $18 billion and $18.4 billion. It also revised estimates for earnings before interest, taxes, depreciation and amortization from $7.1 billion to between $6.4 and $6.6 billion. Fitch and S&P also noted concerns about the Securities and Exchange Commission's inquiry into Qwest's accounting practices


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