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Qwest CEO quits under board pressure

Monday, June 17, 2002 | 11:27 a.m.

DENVER -- Joseph Nacchio today quit under pressure by the board as chairman and chief executive officer of Qwest Communications, the Baby Bell telephone company that has been rocked by financial and regulatory problems and a skidding stock price.

Nacchio is being replaced by Richard C. Notebaert, former chairman of Ameritech Corp. and the president and chief executive of Tellabs, a telecommunications network provider based in Naperville, Ill.

Qwest is the local phone company for most of the Northwest and Rocky Mountain regions. It acquired US West, which was once part of national Bell monopoly under AT&T Corp., in 2000.

Qwest stock has plunged from a high of $64 in March 2000 to below $5 a share recently.

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