Linda Alvarado steps down from Qwest board of directors
Posted: 02/16/2010 01:00:00 AM MST
Updated: 02/16/2010 09:31:31 AM MST
Linda Alvarado, a longtime member of Qwest's board of directors, has stepped down. The move leaves the board with just one director who served during the era of former Qwest chief executive Joe Nacchio — Peter Hellman.
Alvarado was reportedly one of three board members who separately called for Nacchio's resignation in 2002 amid an accounting scandal that led to a restatement of $2.5 billion in revenue. Nacchio, now serving a six-year prison term for illegal insider trading, was ousted in June 2002.
Qwest said Alvarado, chief executive of Denver-based Alvarado Construction, is stepping down from the Qwest board to "dedicate more time to her company and other organizations in which she is involved." She had served as a director for Qwest and predecessor U S West since 1998. She will remain on the board of the Qwest Foundation, the company's charitable organization.
"I believe the company has done a remarkable job navigating through a challenging economic environment and increasingly competitive market," Alvarado said in a prepared statement.
board now has 12 members. Andy