- Push-out Score suggests push-out forces
- After less than one year in the position
- Praise for Patel
- Neel Dev taking over in the interim
- Search for a successor
(exechange) — Monroe, Louisiana, September 24, 2018 — Sunit Patel, finance chief of CenturyLink, leaves. It is a change at short notice. As announced by CenturyLink, Inc. in a news release and in a regulatory filing published on Monday, September 24, 2018, Sunit S. Patel leaves his post as Chief Financial Officer at the telecommunications company after less than one year in the role, effective September 28, 2018.
Patel’s move comes five months after Jeff Storey took over as CEO of CenturyLink, Inc.
CenturyLink will undertake a search for a successor.
Patel’s duties will be taken over in the interim by Indraneel (Neel) Dev, currently group vice president of finance of CenturyLink, Inc., as interim Chief Financial Officer.
Patel’s imminent departure from the CFO post is explained as follows. CenturyLink said: “Executive Vice President and Chief Financial Officer Sunit Patel has resigned from CenturyLink after accepting an executive leadership role at another company.”
Patel will be Executive Vice President, Merger and Integration Lead at T-Mobile US
Sunit Patel has joined T-Mobile US as its new Executive Vice President, Merger and Integration Lead, effective October 1, 2018.
In his new role at T-Mobile, Patel will lead T-Mobile’s strategic planning efforts to integrate its business with Sprint as the two companies work through the necessary regulatory reviews and other closing conditions to combine and become the New T-Mobile.
On April 29, 2018, T-Mobile and Sprint announced they had entered into a definitive agreement to merge in an all-stock transaction. The parties expect the transaction to close in the first half of 2019.
Patel will report to T-Mobile President and Chief Operating Officer Mike Sievert and will be a member of the company’s senior leadership team.
T-Mobile US announced the move on Monday, September 24, 2018.
T-Mobile US is a wireless network operator.
CenturyLink said: “On September 21, 2018, Sunit S. Patel, Executive Vice President and Chief Financial Officer of CenturyLink, Inc. …, notified the Company of his decision to resign from all positions with the Company and its subsidiaries, effective September 28, 2018.”
Share price decline
The change follows a decline in the share price of CenturyLink, Inc. since September 2014.
Chaired by Harvey P. Perry
CenturyLink, Inc. is chaired by Harvey P. Perry.
Since May 31, 2017, he has served as non-executive Chairman of the Board of Directors of CenturyLink.
CEO: Jeff Storey
Jeff Storey serves as CEO of CenturyLink, Inc. Jeffrey K. Storey has been Chief Executive Officer of CenturyLink Inc. since May 2018.
In the position of CFO since 2017
Sunit S. Patel has been Executive Vice President and Chief Financial Officer at CenturyLink Inc. since November 2017.
Sunit Patel is the Executive Vice President and Chief Financial Officer for CenturyLink, a role which he held for more than 14 years at Level 3 prior to the 2017 merger with CenturyLink.
Patel is responsible for Billing, Credit and Collections, Tax, Procurement, Treasury, Accounting, Audit, Public Reporting, Budgeting, Financial Planning and Analysis, Corporate Finance, Real Estate and Fleet.
Patel previously served as CFO and co-founder of Looking Glass Networks Inc., a facilities-based provider of metropolitan telecommunication transport services.
Prior to that, he was Treasurer of MCI WorldCom, and, before that, he was Treasurer of MFS Communications, Inc., a competitive local exchange carrier acquired by WorldCom.
He was formerly responsible for Corporate Development and Strategic Planning for BJ Services Company, now a part of Baker Hughes, and has worked in investment banking.
Patel holds a Bachelor’s Degree in Chemical Engineering and Economics from Rice University. He is also a Chartered Financial Analyst (CFA).
Patel’s resignation is effective Sept. 28.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Sunit Patel’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 40.2018 ($).