Level 3 Communications, Inc. (LVLT) Thursday said it has appointed its Chief Operating Officer Jeff Storey as its President and Chief Executive Officer, effective immediately. 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 telecommunications and internet service provider also said James Crowe, who has been its chief executive officer since August 1997, and served on the board since 1993, will not stand for re-election to the Board of Directors at its 2013 Annual Meeting.
However, Crowe will assist Storey and the Board of Directors to ensure a smooth and successful transition. Earlier last month, the company announced that James Crowe plans to step down by the end of the year.
Storey joined Level 3 in 2008 as its president and chief operating officer, with global responsibility for Level 3's sales, marketing, customer and network operations, IT and business process engineering spanning three regions: North America, Latin America and EMEA.
Walter Scott, Jr., chairman of the Board of Directors of Level 3 stated, "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."
Prior to joining Level 3, he served as President of Leucadia Telecommunications Group. He has also served as President and Chief Executive Officer of WilTel Communications, as senior executive at Cox Communications. Storey began his career in telecommunications with Southwestern Bell Telephone.
The company said it will release its first quarter results on April 25.
LVLT is currently trading at $21.26, up 1.24 percent.
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