CenturyLink succession moves up as Post to retire earlier than planned
Mar. 6, 2018 9:19 AM ET|By: Jason Aycock, SA News Editor
CenturyLink (NYSE:CTL) says CEO Glen Post III will retire earlier than planned, effective the day of the company's annual meeting, and Jeff Storey will take over as CEO and president.
Shares are up 1.1% premarket.
The move had been planned as part of CenturyLink's merger with Level 3 Communications. Storey -- Level 3's president and CEO -- joined CenturyLink as president and chief operating officer, and was to take over CenturyLink Jan. 1, 2019.
Post was to become chairman at that time, but he's moving his retirement earlier than planned and won't take the chairman's spot.
"While my original plan was to stay in my role through the end of 2018, Jeff has more than demonstrated his ability to assume this leadership role and I believe we should make this change sooner than originally planned," he says.
"Also, while I will continue to serve the company as a board member, I will not assume the role of chairman of the board in order to ensure there is clarity that Jeff will be CenturyLink's new leader."
Harvey Perry will stay on as chairman of the board, and Bruce Hanks has been appointed lead independent director.