CenturyLink CEO Glen Post III will officially retire on the day of the provider's 2018 annual shareholder meeting in May, setting the stage for Jeff Storey to take over seven months earlier than originally planned.
Storey, who currently is president and chief operating officer, will become president and CEO upon Post's retirement.
Previously, Post's last day was slated for Jan. 1, 2019. Post will remain on CenturyLink's board but will not be chairman to "ensure there is clarity that Jeff will be CenturyLink's new leader," he said in a statement.
For 26 of his 42 years at CenturyLink, Post has held the CEO title. Now that the Level 3 acquisition is complete and the service provider's own digital transformation -- and methods for leading customers into a world of automation, artificial intelligence and machine learning -- are well underway, Post said he's comfortable leaving CenturyLink. Under his tenure, CenturyLink's annual revenue grew to approximately $24 billion last year from $281 million in 1991, and total assets increased to more than $75 billion at year end 2017 versus almost $765 million in 1991.
"Retiring after so many years is bittersweet, but I leave the company in great hands and I am confident in our future," he said.
CenturyLink's success owes a lot to Post, said Storey.
Meet the New Boss
In two months, current president Jeff Storey will add CEO of CenturyLink to his responsibilities.
"His vision has equipped CenturyLink with the capabilities to meet the ever-increasing demand for bandwidth, provide the digitalization of life for our consumer customers and address the evolving complexity for our enterprise customers," he said.
Harvey Perry will remain as chairman of the board of directors. CenturyLink appointed Bruce Hanks as lead independent director.
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