Network service operator Level 3 Communications Inc. today reaffirmed its projections of achieving positive free cash flow in the second quarter of 2004 and announced the appointment of a new executive to succeed CFO Sureel Choksi in May. Choksi will remain with Level 3 and lead a team focused on developing new services, says James Q. Crowe, CEO of Broomfield, Colo.-based Level 3.
His replacement is Sunit S. Patel, the former CFO of Looking Glass Networks Inc., a carrier selling metropolitan wholesale transport to other service providers. Patel served as treasurer of MCI WorldCom, WorldCom Inc. and MFS Communications from 1994 to March 2000. Patel will take over the role of CFO in May following Level 3’s Annual Meeting of Stockholders. Patel has joined Level 3 as group vice president.
“Because of the success of our financial initiatives we are now positioned to increase our focus on new services and growing high margin revenue,” Crowe said in a statement today.
Level 3 will reveal more concerning the initiative when or before Patel takes over as the finance chief, Crowe says.
Meantime, Choksi reaffirmed Level 3’s projections for the first quarter and year, which include achieving positive free cash flow in the second quarter of 2004.
