Shareholder rights advocate Gerald Armstrong asked a good question Wednesday at Qwest’s annual shareholders meeting about Linda Alvarado’s surprise resignation this year from the company’s board of directors:
“What were the real reasons for stepping down?” Armstrong asked while making the first of two shareholder-proposal presentations. “Was she asked not to run again? Did the nominating committee not want to recommend her?”
The timing of the resignation – two months before Qwest announced CenturyTel’s proposed takeover – raises a few questions. Alvarado had served on the Qwest/US West board since 1998.
Here’s what we know:
—CenturyTel CEO Glen Post told me in an interview that the prospect of a CenturyTel/Qwest merger was initially taken to the respective board of directors in “February, mid-February.”
—Qwest announced Feb. 15 that Alvarado was stepping down to spend more time with her Denver-based company, Alvarado Construction, and other organizations. She still sits on the board of the Qwest Foundation, the company’s charitable organization.
—Alvarado, a Denver area resident and co-owner of the Colorado Rockies, remains on the boards of St. Paul, Minn.-based 3M and Stamford, Conn.-based Pitney Bowes.
—Alvarado stepped down from the board of Richardson, Texas-based Lennox International on Feb. 28.
I called Alvarado on April 20 – two days before the merger was announced – to get her thoughts on Qwest CEO Ed Mueller. It was also the same day Colorado Rockies team president Keli McGregor was found dead in a Salt Lake City hotel, so I asked to speak with her on that topic as well.
When she returned my call, in regard to Mueller, she said, “I’m not ready to talk about that yet.” She then offered heartfelt comments about McGregor.
She has not returned subsequent phone calls.
Qwest declined comment Wednesday about Alvarado.
