Level 3 Picks New CEO

Just one month after alerting investors to the possibility, Broomfield, Colorado-based Level 3 Communications (NYSE: LVLT  ) is under new management today. The global voice and data carrier announced Thursday that company President and Chief Operating Officer Jeff K. Storey has been promoted to Chief Executive Officer, replacing outgoing CEO James Q. Crowe.

A five-year veteran of the company, and 30-year veteran of the industry, Storey was said to have been "the clear and unanimous choice of the Board" to replace Crowe.

In addition to the new job, Storey also gets a new and improved pay package. In a filing with the SEC Thursday, Level 3 described how Storey will receive:

  • A 46% increase in salary to $950,000 a year
  • An increase in his annual long-term incentive awards from 75,000 outperform stock appreciation rights (essentially, virtual stock options), to 100,000
  • A similar increase in his allotment of restricted stock units from 75,000, to 100,000

The balance of Storey's compensation will remain "at the award levels originally granted to him." 

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