Level 3 Communications CEO To Briefly Step Away Following Heart Surgery, Expected To Make Full Recovery

Level 3 Communications, Inc. (NYSE: LVLT) announced on Wednesday that CEO Jeff Storey will take a temporary medical leave of absence effective immediately.

Storey is expected to be absent from the company for approximately two months following successful surgery for a diagnosed heart condition. The executive is expected to make a full recovery. In the meantime, Level 3's Chief Financial Officer, Sunit Patel will serve as interim CEO.

Patel has served as Level 3's CFO since 2003 and also served as interim president of the company's EMEA region in 2014. His appointment has been unanimously approved and supported by the company's Board of Directors.

"I have full confidence that Sunit will be able to continue the solid execution and performance that we saw in 2015," said Mr. Storey. "Sunit's knowledge of our business, along with his financial background and expertise, make him an excellent candidate to fill in for me during my absence. We also have an extremely strong and deep executive team working to support him."

Shares of Level 3 showed no trades early Thursday morning and gained 1.16 percent on Wednesday to close at $48.64.