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Level 3 Communications names new CEO

BROOMFIELD, Colo. (AP) -- Level 3 Communications Inc. said Thursday that it promoted Jeff Storey to the job of president and CEO, effective immediately.

Storey replaces James Crowe, the internet and telecommunications company's CEO since 1997, who said in February that he would step down by the end of the year.

Storey joined Level 3 in 2008 as its president and chief operating officer. Before that, he served as president of Leucadia Telecommunications Group.

Storey was also nominated for election to Level 3's board at its annual shareholder meeting set for May 23. Crowe will not stand for reelection at the meeting, the company said.

Level 3 also said Thursday that it will release its first quarter results on April 25.

Shares of Broomfield, Colo.-based Level 3 rose 20 cents to $21.20 in morning trading. They have traded in a 52-week range of $16.36 in August 2012 to $25.99 almost a year ago.