Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Quick Take: Thanks, Dick

Here's the first and last good thing you'll hear me say about former Qwest (NYSE: Q  ) CEO Joe Nacchio: He made room for current CEO Dick Notebaert. But now Notebaert, just 59, wants to retire.

I can hardly blame him. Notebaert joined Qwest in 2002, in the wake of an accounting scandal that cost Nacchio his job and, come his sentencing in July, likely his freedom. Nacchio was convicted of 19 of 42 counts of insider trading in April.

Notebaert was the guy charged with cleaning up the mess that Nacchio left. A mess that led to roughly $2 billion in misclassified revenue, restatements, an SEC investigation, and a lengthy flirtation with bankruptcy that included a battle for MCI, which it ultimately lost to Verizon (NYSE: VZ  ) .

Yet Qwest today is profitable, thanks to the persistence of Notebaert and a team of employees who didn't give up on the company headquartered in Denver, even after everyone, including more than a few of us Fools, said they should.

I'm not all that surprised. Notebaert was a veteran of the telecom wars in his 30-year career with Ameritech, which was acquired by SBC Communications in 1999. Today, that conglomerate is part of what is known as the "new" AT&T (NYSE: T  ) .

Notebaert also strikes me as an uncommonly honest guy, who knew his role at Qwest was to be more than a good steward. He had to be a model executive who'd take corporate governance as seriously as earnings targets. Mission accomplished, I'd say.

Thanks, Dick, for everything.

Do you agree? Disagree? Let me know.

Fool contributor Tim Beyers was on the verge of canceling his Qwest service before Notebaert found a way to restore the company's service culture. Tim didn't own shares in any of the companies mentioned in this article at the time of publication. The Motley Fool's disclosure policy hangs up on hucksters. You should, too.

Read/Post Comments (0) | Recommend This Article (45)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 529456, ~/Articles/ArticleHandler.aspx, 10/21/2016 6:24:10 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

3/31/2011 4:02 PM
Q.DL2 $6.83 Down +0.00 +0.00%
Qwest Communicatio… CAPS Rating: **
T $37.49 Down -1.16 -3.00%
AT and T CAPS Rating: ****
VZ $48.20 Down -0.94 -1.91%
Verizon Communicat… CAPS Rating: ****