Nacchio out at Qwest; Notebaert in

Joe Nacchio has resigned as chairman and CEO of Qwest Communications, reportedly at the request of the board of directors.

Replacing Nacchio is Richard Notebaert, who served as CEO of Ameritech from 1993 until its merger with SBC in 1998. More recently, Notebaert was CEO of equipment maker Tellabs immediately before his appointment at Qwest.

According to a press release from Qwest, Nacchio stepped down to spend more time with his family and to pursue other opportunities. Reports, however, say the board has been frustrated with the company’s performance and asked for his resignation yesterday.

Such a situation is easily believable. Qwest has been hampered by a slew of problems recently, including an SEC investigation, liquidity pressure and poor management credibility.

Despite the change in management, Qwest said it has no plans to change its operations or its strategy of being a global long-haul player/incumbent local exchange carrier.

The most immediate change will likely be in how the company presents itself. Nacchio often came across to reporters and analysts alike as arrogant and derisive of people who questioned his decisions.

On the other hand, during a conference call discussing the management change, Notebaert went to great lengths to make himself seem open to the advice and concerns of his team. His first task, he said, will be to spend a few days listening to employees and management.

Similarly, he said the company would try to regain the confidence of the financial community.

“We will be increasing Qwest’s credibility with Wall Street. I think that’s very important, especially in the climate we’re in,” he said.