Richard Notebaert, who helped Qwest overcome financial problems and an on-going accounting scandal, said he will retire as chairman and chief executive officer, according to the AP.

Qwest shares fell almost 8 percent to $9.36 in trading today.

Notebaert, 59, said he will leave the Denver-based telecom company after the board selects a replacement. No timetable has been established. The AP said he is the third executive to announce plans to leave Qwest this year.

"The time has come for me to spend more time with family and focus on other commitments," Notebaert said in a written statement. "I am extremely proud of our accomplishments during the past five years and have full confidence in the leadership at Qwest."

Here's a story my colleague Brier Dudley wrote on meeting Notebaert, and why there's mediocre broadband in Seattle.