Tuesday, October 17, 2017

CenturyLink’s board reaction to the $34bn Level 3 merger might surprise you

Company to go under a massive board shift as Level 3 executives enter the Monroe-based headquarter buildings.

CenturyLink is months away from completing one of the sector’s largest M&A ever and its board has now announced its plans for the future.

Current CenturyLink CEO Glen F. Post III is to continue to serve as CEO of the global provider until January 1, 2019, thereafter, he will assume the role of executive chairman.

Taking to his place as CEO from that day forward will be Jeff Storey, currently president and CEO of Level 3 Communications.

Until January 1, 2019, Storey will serve as CenturyLink’s president and chief operating officer.

The transaction is expected to be officially closed by September 30, 2017, following a consensual shareholder approval in March 2017. The $34bn M&A was originally announced in October 2016.

CenturyLink has also announced that Harvey P. Perry, vice chairman of the board of CenturyLink, has been appointed chairman of the board, effective immediately.

He has replaced William A. Owens, who has retired from the board on May 24, 2017.

Bruce Hanks, a member of the CenturyLink board of directors, has been named vice chairman, also effective immediately.

In addition to Storey, Post’s direct reports following the closing of the acquisition will be Stacey Goff, executive vice president, general counsel and chief administrative officer, Sunit Patel, executive vice president, chief financial officer, and Scott Trezise, executive vice president, human resources.

The company said CenturyLink’s headquarters will remain in Monroe, LA.

Post said: “Throughout our company’s evolution, we have focused on investment, growth and value creation. I am pleased that our collective work has put us at the forefront of the digital world.

“As we move into this next phase of our growth, I am confident in the strength of our position, the scope of our opportunity and Jeff’s ability to lead our company forward – first as president and COO and then as CEO.

“Transitions like this are bittersweet, but I am confident this is the right time to begin to take this next step into our future.”