Nahhhhhhhhhhhhhh.....couldn't be?
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Qwest president Mohebbi quitting
Amy Bryer
Qwest Communications International Inc. (NYSE: Q) announced Afshin Mohebbi, Qwest's president and chief operating officer, will resign from the company Dec. 31.
Mohebbi was one of two executives remaining at Qwest who were part of the previous regime of former CEO Joe Nacchio. Former CFO Robin Szeliga remains at the company in another capacity. CEO Richard Notebaert took over in June.
Qwest would not comment on the resignation other than in a statement by CEO Richard Notebaert released by the company.
"Afshin's diverse knowledge of the industry and hard work will serve him well in the future and I respect his decision to leave the company at this time," Notebaert said.
Mohebbi was under fire this summer during Congressional hearings into Qwest's accounting practices.
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Qwest would not comment on an exit package for Mohebbi. He earned $850,000 a year with stock options that he has not cashed out. His next review was set for Jan. 1, according to government filings.
Mohebbi is allowed accrued salary, bonus, vacation time and benefits through the termination date and will get two times his salary, the target bonus that is also twice his salary, for a total of about $3.4 million.
He also receives continuation of benefits for 30 months from the termination date until he becomes employed by another company.
Mohebbi has an outstanding $4 million low-interest loan from Qwest that must be paid off 45 days after termination. Qwest already forgave $575,000 of a $600,000 loan from 1999.
Mohebbi was hired in May 1999 and was charged with turning around local telephone service for Qwest. He was born in Iran and raised in California. He worked in several positions at Pac Bell, later SBC Communications, for nearly 15 years then moved onto British Telecom where he was vice president of business marketing.
Mohebbi graduated with honors from the University of California-Irvine in two years at the age of 18.
With his bachelor of science degree in electrical engineering under his belt, Mohebbi went on to earn his master's degree in business administration, graduating as a dean's scholar from the University of California. He also received a telecommunications engineering certificate from University of California Los Angeles.
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