Qwest's Richards takes on new
By Jeff Smith
Rocky Mountain News
Wednesday, July 30, 2008
Qwest has promoted Tom Richards to chief operating officer, a
title the Denver telco hasn't used
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 Richards' 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.