Level 3 Communications CEO to step down

Longtime Level 3 Communications CEO to step down by year-end; board to search for new chief

Associated Press

BROOMFIELD, Colo. (AP) -- Level 3 Communications Inc. said Thursday that James Crowe, who has been CEO since before the company's 1998 IPO, plans to step down by the end of the year. The board will look for a new chief executive.

Crowe has been the Broomfield, Colo., Internet and telecommunications company's CEO since 1997 and served on the board since 1993.

Level 3 shares have dropped 15 percent in the past 12 months. It's posted 16 straight quarterly losses and has been cutting jobs as it works to integrate its $2 billion acquisition of long-distance telecommunications provider Global Crossing from 2011.

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