Qwest ex-CEO Nacchio ordered to forfeit $52 mln

(Reuters) - Nacchio was convicted in April on 19 counts of insider trading for grossing some $52 million in sales of Qwest stock in 2001 with information unknown to investors about the company's true financial picture. He was acquitted on 23 other charges. His attorneys said they will appeal the conviction.




Prosecutors have sought a seven-year sentence, a $19 million fine and forfeiture of the $52 million.


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UPDATE 2-Qwest CEO Notebaert to retire, shares fall

(Reuters) - Analysts said the news raised questions about how Qwest would handle issues such as whether to seek a merger as competition from cable television providers increases.




"The time has come for me to spend more time with family and focus on other commitments," 59-year-old Notebaert said in a statement. He said he was looking forward to working closely with the Qwest Board in its search for a replacement.


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UPDATE 1-Qwest CEO Notebaert to retire

(Reuters) - Notebaert, 59, said he would step down as CEO and chairman
after the company finds a successor. Qwest shares fell nearly 4
percent.




"The time has come for me to spend more time with family
and focus on other commitments," Notebaert said in a statement.
"I look forward to working closely with the Qwest Board in its
search" for a replacement.


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