Walter Scott, Jr., the chairman of Level 3 Communications' (NYSE: LVLT) board of directors, announced he will retire when the service provider holds its annual stockholder meeting next May by not standing for reelection.
Since 1979, Scott served as the chairman of Level 3 and its predecessor Kiewit Diversified Group Inc. (KDG), a subsidiary of Peter Kiewit Sons', Inc. (PKS), 100-plus year old construction, mining, information services and communications company.
Taking Scott's place will be James O. Ellis, Jr, who has been a board member since March 2005 and is the chairman of the Board's Classified Business and Security Committee and a member of the Nominating and Governance Committee. A retired U.S. Navy admiral, Ellis is also currently a member of the Board of Directors of Lockheed Martin Corporation, Dominion Resources, Inc. and Inmarsat PLC.
Scott's impending departure from the company is part of an ongoing transition of its management team and its ongoing movement to become profitable.
The biggest change came last April when the company appointed Jeff Storey as its new president and CEO. Storey took the reins over from company co-founder James Crowe, who announced he would step down in March.
- see the release
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