Level 3 COO O'Hara Out, Shares Drop (LVLT)

Kevin O’Hara is out as chief operating officer for Level 3, the money-losing telecom giant he helped found. Meanwhile, the company — which lost $1.1 billion last year on $4.3 billion of sales — is no longer looking for a new CFO, and will keep its current finance chief, Sunit Patel. Neil Hobbs becomes EVP, Operations, and will share O’Hara’s duties with President/CEO Jim Crowe.

“Kevin O’Hara has worked closely with me for more than 20 years and this was obviously a difficult decision for both of us,” Crowe said in a statement. “At this time, however, Kevin and I have agreed that a different perspective will be of benefit to our company.”

Investors punted, sending shares down 13% on high trading volume.

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