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RG 2007 Issue 3 “the voice of 48,000 retirees in all 14 U S WEST/Qwest states” Newsletter of the Association of U S WEST Retirees 2007 Issue 3 www.uswestretiree.org or www.qwestretiree.org AUSWR President’s Message Nacchio Gets 6 Years in Why buy from Qwest? Prison Fellow Retirees, Today, Qwest has —Must Pay I want to remind about 39,000 em- $71 Million you of how impor- ployees and 49,000 tant it is to retirees retirees. —Bail that Qwest be able to maintain and One way we can all Denied grow their revenues help ensure that so that the com- Qwest employees —details on pany has the money stay employed and page 8 to pay for retiree that the Company and active employ- grows, is for you, ees’ benefits. your families, and your friends to pur- I am struck by the chase all of the fact that when Mimi Hull telecommunication Mountain Bell (MB), President, Association of and bundled ser- Pacific Northwest U S WEST (Qwest) Retirees vices that you use Bell (PNB) and from Qwest—(if Northwestern Bell (NWB) merged they are available in your area) at the AT&T divestiture in 1984 —not from the “Competitors.” to form U S WEST, the combined Not to do so, tells me that we companies had approximately are shooting ourselves in the 100,000 employees and about foot which is never a good idea! Former Qwest CEO 30,000 retirees. Joe Nacchio sentenced July 27 I N S I D E 2 3 4 7 8—9 13 Notebaert Ed Mueller Qwest Group Life Nacchio “Stop Severance Stockholder New Insurance Sentencing Worrying” Package Qwest CEO Payments Begin Update Request Retiree Guardian — 2007 Issue 3 1 AUSWR Edition Four Top Executives Leave Qwest Retirees Seek Severance Details Qwest CEO Richard Notebaert, 60, ing compensation decisions.” announced his retirement in June. The request lists 14 components of Notebaert’s announcement was fol‐ anticipated severance and post‐ lowed by three other Qwest top ex‐ employment compensation arrange‐ ecutive departures. Qwest’s top lob‐ ments for which they are asking de‐ byist in Washington, D.C., Gary scriptions and cost estimates. Lytle is retiring after five years in the These components include (among job. Chief Financial Officer Oren “Retiring” Qwest CEO Shaffer left in April, and Executive Richard Notebaert other items): Additional payments if Vice President Barry Allen left in a “Change in Control” occurs within two years of his departure; cost of June. lifetime reimbursements to maintain a private Shareholders Hazel Floyd and Mimi Hull, both office and lifetime financial planning; value of officers of the Association of U S WEST Retirees, back‐up lifetime health care coverage if AT&T submitted a request to Qwest on July 19 for the cancels his primary heath care coverage; cost of full disclosure of the severance, pension, and lifetime life insurance and death benefits pay‐ benefits that will be given to Notebaert. able to his estates; costs of other benefits pay‐ Their letter states that the “purpose of this de‐ able; and tax implications of specific severance mand is to help us, as shareholders, understand arrangements. in a timely and comprehensive fashion, the cost of CEO severance and post‐employment com‐ Responses from Qwest will be shared in future newsletters. pensation so that we can communicate with our fellow shareholders and exercise our rights and For an analysis of the compensation of responsibilities as shareholders in a more in‐ Notebaert, please refer to the article formed manner. Disclosure will also help us “Notebaert’s ‘Hard Bargain’” on evaluate the performance of the directors mak‐ page 12 of this newsletter. RETIREE GUARDIAN STAFF 2007 AUSWR Officers Executive Director — Nelson Phelps AUSWR and Arizona Editor: Kitty Kennedy President — Mimi Hull tel. 520-883-8272 / Email: [email protected] Regional Vice Pres –Legislation — Hazel Floyd Treasurer — Roger Sanger Colorado/Wyo/New Mexico Editor: Bill Pittman Secretary — Ed Kerber tel. 303-773-0238 / Email: [email protected] 2007 Board of Directors: Utah/Idaho/Montana Editor: Susan Johnson Arizona President — Kitty Kennedy tel. 801-963-6220 / Email: [email protected] Colorado/Wyo President — Jack Beattie Oregon/Washington Editor: Gary White New Mexico President — Irene Chavira NWB Chairman — Dick Johnson tel. 253-952-4612 / Email: [email protected] Oregon/Washington President — Judy Stenberg Iowa/Minnesota/Nebraska/ Utah/Idaho/Montana Chair — Donnetta Mitchell No Dakota/ So Dakota Editor: Jerry Miller tel. 763-424-3524 / Email: [email protected] Litigation Attorney — Curtis L Kennedy Retiree Guardian — 2007 Issue 3 2 AUSWR Edition Qwest Announces New CEO Qwest Communications and its member of the board of directors Board of Directors on August 13 of VeriSign Inc., The Clorox Com‐ announced that Edward A. Mueller pany and GSC Acquisition Company. (pronounced MILLER), a telecom‐ munications veteran with high‐ A native of St. Louis, Mueller holds a level experience, has been named bachelor’s degree in Civil Engineer‐ chairman and chief executive offi‐ ing from the University of Missouri cer. and an executive M.B.A. degree from Washington University. Mueller, 60, has more than 34 years of telecommunications industry Mueller said: “I have enormous re‐ experience. He served as president Edward Mueller, newly spect for Dick Notebaert and for what and chief executive officer of appointed Qwest CEO he has accomplished during his Ameritech from 2000 to 2002; president of SBC highly successful tenure as CEO. International Operations from 1999 to 2000; and president and chief executive officer of Pacific “Qwest has made great strides in upgrading and Bell from 1997 to 1999. He joined SBC in 1968 solidifying its infrastructure, and has built an and held other executive level positions in the impressive reputation for putting the customer company, including president and chief execu‐ first. I’m eager to get started and begin deliver‐ tive officer of Southwestern Bell Telephone. ing on the promises we have made to our cus‐ tomers, our employees and all our stakeholders. Mueller left Ameritech and, in 2003, was elected CEO of Williams‐ Sonoma, after being named to “When you combine the company’s improved its board in 1999. Williams‐Sonoma owns and financial position and impressive set of assets, operates home‐centered retail chains, including there’s a great opportunity for continued Williams‐Sonoma and Pottery Barn. Mueller is a growth.” How will the Qwest leadership change impact us? Once again the retirees of U S WEST/Qwest ees continue the assurance of health care faced uncertainty awaiting the announcement benefits. of CEO Dick Notebaert’s replacement. He an- nounced his retirement in June. The outcome of our lawsuits on life insurance and the death benefit in the pension plan will We do not know how “retiree friendly” the new be binding on Qwest no matter who the CEO Qwest leadership will be. We certainly intend and executive leaders are. to establish a dialogue with those who takeover the reins. However, as we all know, changes in the tele- We welcome all opportunities to establish a communications industry are rampant. There is positive working relationship with the new no reason to believe that the pace of change will slow down anytime soon. leader. Some gains for our retirees will remain regard- Mimi Hull, AUSWR President less of changes. Certainly, the pre-1991 retir- Retiree Guardian — 2007 Issue 3 3 AUSWR Edition Disbursement average $1,335 per shareholder Justice for Qwest Investors This settlement disbursement does not the SECʹs accusations that the company involve 401(k) plans. The funds in this ʺfraudulently recognized approximately $3.8 bil‐ article come from penalties and fines lion of spurious revenue and fraudulently ex‐ from alleged accounting and securities cluded $231 million in expenses.ʺ fraud by Qwest former executives. From Qwestʹs merger with U S WEST on June 30, 2000, until August 2002, Qwest’s market The Securities and Exchange Commission (SEC) value dropped by $91 billion. said Thursday, July 26, that it plans to begin sending checks totaling $267 mil‐ The investorsʹ fund includes lion starting July 31 to about money collected from other defen‐ “...eligible dants in civil and criminal cases. 200,000 current and former Qwest investors. investors must In May, former Qwest chief finan‐ They must have purchased Qwest have purchased cial officer Robin Szeliga paid the SEC $577,000 to settle fraud shares between July 27, 1999, and Qwest stock July 28, 2002, and have submitted charges against her. She paid valid claims to the court. between July 27, $125,000 in restitution after plead‐ 1999, and July 28, ing guilty to criminal insider trad‐ The payments launch a long‐ ing in 2005, money that also went awaited disbursement from the 2002 —and must into the fund. government in its legal actions have submitted a against the Qwest Communications Others who settled with the SEC and its former executives. valid claim to the and paid restitution into the [SEC Fair Fund] include former Qwest court.” On July 26, the SEC filed for per‐ executives Gregory Casey [$2.1 mission from U.S. District Judge Wiley Daniel to million], Augustine Cruciotti [$350,000], William mail the checks from the investorsʹ fund. Eveleth [$105,575] [Steven Haggerty $30,000], The payments average out to $1,335 per inves‐ Roger Hoaglund [$300,000], [Mark Schumacher $40,000]. tor. The money comes mainly from the SECʹs 2004 settlement [known as the SEC Fair Fund] [See related story on page 6 about the hold on an‐ with Qwest, stemming from an investigation other $400 million in the SEC fund awaiting Qwest into accounting fraud under Nacchio. executives’ appeals]. Qwest paid $250 million without admitting to excerpts from Greg Griffin, Denver Post staff writer, July 26, 2007 Copyright – Fair Use ‐ Fair Use Notice The Retiree Guardian occasionally reprints copyrighted material, the use of which has not always been specifically authorized by the copyright owner.
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