Level 3 Communications (NYSE:LVLT) refocused its business toward the enterprise market. This resulted in the long time CEO being shown the door closing the chapter of LVLT's decade-long struggle trying to find its way. Jeff Storey was named the new CEO in April. See our last article for additional insight concerning the new CEO.
Walter Scott, Jr. (Chairman of the Board) summed up best why the time for change is here in the 2012 annual report and proxy:
Our company is also undergoing a transformation in terms of the type of customers we serve. We have moved from being primarily a wholesale provider to a company focused on serving the day-to-day business needs of enterprise customers…...