Level 3 Communications (LVLT) refocused their business toward the enterprise market. This resulted in the long time CEO being shown the door closing the chapter of LVLT’s decade long struggle trying to find its way. Jeff Storey was named the new CEO in April. See our last article for additional insight concerning the new CEO.
Walter Scott, Jr. (Chairman of the Board) summed up best why the time for change is here in the 2012 annual report and proxy:
Our company is also undergoing a transformation in terms of the type of customers we serve. We have moved from being primarily a wholesale provider to a company focused on serving the day-to-day business needs of enterprise customers… Jeff emerged as the clear and obvious choice to lead the company going forward. He knows the industry, having served as president of several companies over the course of 30 years in telecommunications. He knows the company, having brought to it a discipline and focus on operational excellence and a passion for the customer experience. And he has helped shift the focus of the company to the enterprise market, where we are continuing to take market share.
LVLT announced second quarter results on July 31 reporting shrinking revenue over Q1 masking the bigger picture as the company concentrates their focus on the enterprise business.
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