Black digerati steps down – Robert E. Knowling; Covad Communications – Brief Article
Nicole Marie Richardson
Robert Knowling resigns from Covad Communications
Under pressure from the poor performance of his company’s stock, Robert E. Knowling, 45, is considering several new positions now that he has stepped down as CEO of Covad Communications Group Inc.
“Both Mr. Knowling and the board of directors determined that new executive leadership would be in Covad’s best interest after reviewing market reactions to recent events affecting Covad’s business,” said Suluh Lukoskie, spokesperson for Covad Communications. “Hence, Mr. Knowling resigned.”
The former executive at Baby Bells Ameritech and US West also served as president and chairman of the board for Covad, and was named one of BLACK ENTERPRISE’S “30 For the Next 30” our August 2000 issue.
Covad is the leading national DSL broadband service provider, and the network currently covers more than 47 million homes and businesses in major metropolitan areas. Sales in 1999 increased to $66.5 million, which appeared to indicate that the company was excelling. However, stock prices plunged after third-quarter results were posted. Covad’s shares dropped from a 52-week high of $66.25 on March 1 to a low of $3.56 on October 18.
COPYRIGHT 2001 Earl G. Graves Publishing Co., Inc.
COPYRIGHT 2001 Gale Group