Level 3 in search for CFO replacement
Level 3 shares slump as it announces it is starting a search for a new CFO
When the Broomfield, Colorado-based communications and Internet backbone
provider
Level
3 Communications announced yesterday it had starting searching for a new
CFO, its shares slumped by 11%.
The company was at pains to explain Sunit Patel, current CFO, is expected to
remain with the company during the transition and hopefully stay on in a new
role.
Analysts told newsagency Reuters the move might indicate Level 3 was still
struggling to improve its operations. Fitch analyst David Peterson said whoever
the company chooses as the next CFO was likely to concentrate on integrating
past acquisitions, rather than striking new deals.
‘As the company focuses on ensuring we take full advantage of the
opportunities presented by our marketplace, we believe we need a CFO with skills
and experience which emphasize both operational and financial management,’ James
Crowe, Level 3 chief executive officer, said.
The company expects to complete the search for the new CFO by the end of the
first quarter of 2008. The search is being conducted by CTPartners of Menlo
Park, California.