Mr. Tom Boasberg, Superintendent of Denver Public Schools since January 2009, and Chief Operating Officer between April 2007 and January 2009, comes from a private corporation featuring serious decline in its stock value.
According to the biography of Mr. Boasberg published in DPS' web site, "Before DPS, Boasberg worked for eight years at Level 3 Communications, where he was Group Vice President for Corporate Development, responsible for the company's mergers and acquisitions and strategic partnerships. At Level 3, he led negotiations for dozens of transactions, including nine transactions worth over $100 million each and three valued at over $1 billion each. Boasberg spent his first three years at Level 3 in Hong Kong as Senior Vice President for Asia Corporate Development and Head of the Asian Lines of Business, establishing and running operations in China, Korea, Japan, Taiwan and Hong Kong." (*)
The same website reports that Mr. Boasberg worked in Level 3 Communications for eight years, between 1999 and April 2007.
The week of April 5, 1999, the share of Level 3 Communications Inc. (LVLT) traded at $84.75. Eight years later, the week of April 2, 2007 the same share quoted at $6.13.
Not a very good performance for the corporation in which Mr. Boasberg was Group Vice President for Corporate Development, don't you think?
It seems that Level 3's growth between 1998 and 2007 was not precisely development. At least, this is what the markets thought. Looking at the stock performance, two words may be more appropriate – decline and decay. Or, if you want, it may be accepted that it was development. Negative development.
After labeling Mr. Boasberg as "a bargain for the District", the Denver Post reported that the former Level 3 excutive will earn "a base salary of $170,000 a year, with the chance of a $50,000 bonus if certain goals are met." (**)
(*) http://communications.dpsk12.org/newsroom/biography/superintendent/
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