Qwest's Richards takes on new responsibilities
By Jeff Smith, Rocky Mountain News (Contact)
Published July 29, 2008 at 8:47 p.m.
Qwest has promoted Tom Richards to chief operating officer, a title the Denver telco hasn't used since 2000.
Richards, 53, who had been executive vice president of business markets, will direct the daily operations of that group, as well as wholesale, mass markets, network, marketing, product and information technology. The shift reflects CEO Ed Mueller's reorganization of Qwest into business segments.
Qwest said it has increased Rich ards' annual salary to $700,000, and his target bonus to 150 percent.
He also received 1.12 million stock options with an exercise price of $3.52, 199,000 restricted shares and 199,000 performance shares, which pay out at a range of 0 to 200 percent depending on shareholder return compared with a peer group. Richards had a salary of about $475,000 in 2007 and total compensation of $1.9 million, according to regulatory filings.
Qwest spokesman Bob Toevs said the company expects to select a new chief financial officer in the near future.
John Richardson recently announced his retirement but is continuing as CFO until his successor is named.
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