Level 3 Communications Chairman Walter Scott To Retire - Quick Facts

(RTTNews) - Level 3 Communications Inc. (LVLT), Monday said its chairman, Walter Scott, intends to retire from the Board with effect from the May 2014 Annual Meeting of Stockholders. Scott, who served as the chairman of the Board since 1979, will not stand for reelection.

Additionally, the board said James Ellis will succeed Scott after the meeting in May 2014. Ellis, who has been in the board since March 2005, is also a member of the board of Lockheed Martin Corporation, Dominion Resources, Inc. and Inmarsat PLC. Ellis is the chairman of the board's Classified Business and Security Committee and a member of the Nominating and Governance Committee.

Separately, the company said it will be redeeming its 6.5% Convertible Senior Notes due 2016, on December 16, for a redemption price equal to 100% of their principal amount, plus accrued but unpaid interest up to, but not including, the redemption date. About $201.2 million principal amount of 6.5% Notes remain outstanding, the company said.