Level 3 Communications Inc. shares fell nearly 9 percent by early afternoon on news that the company is looking for a new CFO.
Level 3s stock was trading for $4.47, down 8.78 percent from the opening price of $4.75.
CEO James Crowe said CFO Sunit Patel will remain with Level 3 during the transition period. Crowe called Patel a trusted friend and colleague, then later added, we believe we need a CFO with skills and experience which emphasize both operational and financial management.
Crowe said he hopes to convince Patel to stay with Level 3, albeit in a different role. Patel said he doesnt know his plans.
The company expects to complete the search for a new CFO by the end of the first quarter 2008. CTPartners of Menlo Park, Calif., is conducting the search.
Level 3 Communications Inc. www.level3.com