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The Association of U S West Retirees
 

 

 

2 new members on Qwest board
The appointments may be a stab at enhancing the telecom's credibility, an analyst says.
By Beth Potter, Staff Writer
Denver Post
Friday, December 16, 2005

Qwest has named two new board members who have strong ties to the state.

Caroline "Caz" Matthews, president of Blue Cross and Blue Shield of Georgia, and R. David Hoover, chairman, president and chief executive of Broomfield's Ball Corp., were approved Thursday, said Qwest chairman and CEO Richard Notebaert.

"In one sense, it's a tragedy that we've lost board members like (University of Colorado interim president) Hank Brown, who is outstanding," Notebaert said.  "But since I've been here, the board had worked tirelessly.  We could not have done what we've done without the support of the board."

In the last 18 months, five members of the Denver-based phone company's board have left, and their replacements have been high-profile Denver executives such as Newmont Mining's Wayne Murdy, Prologis' K. Dane Brooksher and Storage Tek's Patrick Martin.

The board now has 13 members.

Qwest stock recently rose above $5 after years in the doldrums following an accounting scandal that resulted in the board's ousting former chief executive Joe Nacchio in June 2002.  The company under Notebaert was forced to restate $2.5 billion in revenue.

Adding two new members may help Qwest, said Nell Minow, editor of The Corporate Library, which rates boards of directors of companies nationally and gives Qwest an F for corporate governance.

"I think they recognize that they are in desperate need of a credibility enhancer, and whether they've done it or not with these appointments, it's hard to say," Minow said.

Matthews headed Anthem Blue Cross and Blue Shield's West region in Denver before moving to Georgia and received several business awards in Colorado.

Hoover has worked at Ball since 1970 and is a member of the University of Colorado at Denver business school's board of advisers.

Of the current Qwest board, five remain from the days of Nacchio:  Philip Anschutz, founder of Qwest;  Linda Alvarado, a Denver construction company owner;  Cannon Harvey, president of the Anschutz Co. and Anschutz Corp.;  Peter Hellman, chief executive of Nordson Corp., an industrial manufacturer;  and Frank Popoff, former chairman of Dow Chemical Co.

Staff writer Beth Potter can be reached at 303-820-1503 or bpotter@denverpost.com.

http://www.denverpost.com/business/ci_3313569