BROOMFIELD, Colo. -- Level 3 Communications, Inc. (LVLT) today issued a statement concerning leadership transition planning for the company.
The company announced that its chief executive officer, James Q. Crowe, has informed the Board of Directors of his intention to transition out of his position as CEO by the end of 2013. Consequently, the Board has formed a Transition Planning Committee to assist it with the process of identifying and selecting a new chief executive officer, and with the planning for the leadership transition. The timing of the transition is subject to change at the Board's discretion in consultation with Mr. Crowe.
"It has been a privilege to lead Level 3's incredibly talented people through times of great challenge and great opportunity," said Crowe. "I am extraordinarily proud of what we have accomplished together. For some time, the Board and I have been considering CEO succession. Given the company's financial and operational strength, we have concluded that it is an appropriate time to begin the transition to new leadership with new perspectives. With our unique global network, the industry's most comprehensive portfolio of advanced IP/optical services and an increasingly strong financial position, Level 3 is extraordinarily well positioned to benefit from the worldwide explosion of voice, data and video carried over the Internet. For my part, I stand ready to assist the Board in assuring that the transition is successful and will offer my full support to my successor."
Level 3 Communications Inc.