CenturyLink, Inc. (NYSE: CTL) said that CEO Glen F. Post, III will retire on the day of CenturyLink's 2018 Annual Shareholder Meeting in May. CenturyLink previously announced that Level 3 Communications president and CEO Jeff Storey would replace Glen F. Post on January 1, 2019, with Post becoming executive chairman of CenturyLink's board at that time (see "CenturyLink plans CEO succession").
"After serving as CenturyLink's CEO for more than 26 years, I have decided to retire effective at this year's shareholders' meeting," said Post. "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. 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."
CenturyLink has revealed that fellow board member W. Bruce Hanks is now lead independent director, while Harvey P. Perry, CenturyLink's current vice chairman of the board, will remain in his role as chairman of the board of directors. He replaces William A. Owens, who retired from the board on May 24, 2017.
The company has been shuffling the management deck at the board level after announcing its plans to purchase Level 3 in October 2016 (see "CenturyLink will buy Level 3 for $34 billion").
"Glen has led CenturyLink's impressive rise to be one of the world's premier communications companies," said Perry. "Under his leadership, CenturyLink's annual revenues have grown from $281 million in 1991 to approximately $24 billion, on a pro forma basis, in 2017 and total assets have increased from nearly $765 million in 1991 to over $75 billion at year end 2017. It's a remarkable track record. But just as impressive is the steady example of selfless leadership, concern for others and doing the right thing that Glen has exhibited during his more than 40 years of service. He has left an indelible impression on the culture and history of our company."
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