Qwest taps StorageTek
By Rocky Mountain News
Thursday, August 25, 2005
Qwest Communications has named Storage Technology Corp. Chairman and CEO Patrick Martin to serve as a director. The appointment will take effect Oct. 20.
Qwest Chairman and CEO Dick Notebaert said in a statement that Martin's "extensive background and knowledge will be an asset to the board and to the company as we continue to build long-term profitability and increased shareholder value."
Martin's appointment brings the number of directors serving on Qwest's board back up to 10 and reflects a further move from the board's composition during the troubled Joe Nacchio era.
Thomas Donohue, president of the U.S. Chamber of Commerce, stepped down from Qwest's board in July. Earlier this year, Anschutz Co. executive Craig Slater decided against running for re-election.
Martin has headed Louisville-based StorageTek, a maker of storage devices, since 2000. Storage-Tek recently announced an agreement to sell to Sun Microsystems for $4.1 billion.
In a statement, Martin said he was looking forward to helping the Denver telco work toward "its mission of delivering long-term value to Qwest investors."
Qwest's board has come under fire in recent years from shareholder advisory groups and its retirees on issues ranging from executive pay to director independence.
But Qwest has long defended its executive compensation packages as being in line with its industry peer group and has maintained that it meets director-independence standards.