Level 3 CFO to Leave

BROOMFIELD, Colo. – The chief financial officer of Level 3 Communications Inc. is resigning, the communications network operator said Monday.

Sunit Patel will remain on the job until a replacement is found and he did not say what he planned to do next, Level 3 said. The search is expected to be complete by the end of the first quarter in 2008.

“As many have observed, over the last two years the improvement in our financial strength has been nothing short of spectacular,” Chief Executive Officer James Q. Crowe said in a statement.

“I plan to work hard to convince Sunit to remain with Level 3 in a new role. Whatever Sunit decides to do, I know that he will be a great success,” he said.

The company, based in the Denver suburb of Broomfield, sells wholesale broadband and dial-up Internet services.

Level 3 shares fell 37 cents, more than 7 percent, to $4.53 Monday.

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On the Net: http://www.level3.com