- CenturyLink (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.