Joseph P. Nacchio, the chairman and chief executive of Qwest Communications International, was forced to resign last night by the company's board, executives involved in the decision said.
Nacchio, who has been criticized for often being combative with the company's shareholders, is the latest chief executive of a large corporation to resign amid questions over accounting practices and corporate governance procedures.
Nacchio: "After criss-crossing the globe for five and one-half grueling years to build Qwest, living in two different cities, and having achieved our major goals, I have expressed my desire to spend more time with my family and pursue other opportunities."
Shares of Qwest marched higher in pre-open trading on Monday. Shares crossed at $4.30 in London, and were last around $4.22 in Frankfurt, building on a $4.15 close.
Qwest will webcast a conference call on Monday, June 17, 2002 at 9:00 am EDT. You may access the webcast (live and replay) of the call at www.qwest.com/about/investor/meetings .
Qwest Ousts Its Chief Executive