AUSWR
The Association of U S West Retirees
 

 

 

Retiring Qwest exec exercises options
By Andy Vuong, Staff Writer
Denver Post
Monday, June 18, 2007

Article Last Updated: 06/18/2007 10:15:18 AM MDT

Qwest executive vice president of operations Barry Allen, who is retiring at the end of this month, has exercised 1 million stock options and sold the shares for a pretax profit of roughly $5.37 million.

Allen exercised the options at prices ranging from $3.44 to $6.15 and sold the shares for prices ranging from $9.52 to $9.62.

The transactions, which accounted for Allen's remaining vested stock options, occurred on Thursday and were disclosed in a filing with regulators late Friday.

"The insider window closed on Friday," said Qwest spokeswoman Diane Reberger today.  "He only has three months from the day he retires to exercise any options."

Last week, Qwest chief executive Dick Notebaert, who helped turn around the Denver-based company over the past five years, announced he would retire as soon as the board finds his successor.

Notebaert has roughly 7 million vested stock options and owns 752,000 shares through restricted stock awards.  He has 6 years from the day he retires to exercise his vested options.

Another company insider, Qwest executive vice president of mass markets Paula Kruger, exercised 100,000 options on Wednesday and sold the shares for a pretax profit of roughly $461,000.

Qwest stock was down a penny to $9.60 during midday trading today.

Allen announced his retirement two weeks ago.  He is leaving 639,000 unvested stock options on the table.

Staff writer Andy Vuong can be reached at 303-954-1209 or avuong@denverpost.com.

http://www.denverpost.com/business/ci_6169895