- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Storey
- Kate Johnson taking over
- Storey said 125 words
(exechange) — Denver, Colorado, September 13, 2022 — Jeff Storey, chief executive of Lumen, leaves. As announced by Lumen Technologies Inc. in a news release and in a regulatory filing published on Tuesday, September 13, 2022, Jeffrey K. (Jeff) Storey leaves his post as chief executive officer at the telecommunications company, after about four and a half years in the role, effective November 7, 2022.
Jeff Storey’s duties as CEO will be taken over by Kate Johnson, most recently President of the U.S. division at Microsoft Corporation.
The fact that Jeff Storey’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Culmination of a succession plan”
Jeff Storey’s departure from the CEO post is explained as follows. T.Michael Glenn, Chairman of Lumen’s Board of Directors, said: “Kate’s appointment and the strategic transition announced today are the culmination of a succession plan that Jeff and the Board have been engaged in for the past several years.”
Precise information regarding Jeff Storey’s future plans was not immediately available.
Lumen said: “Lumen Technologies (NYSE: LUMN) today announced Kate Johnson has been appointed President, Chief Executive Officer and a member of the company’s Board of Directors with the transition date expected to be November 7, 2022. Johnson succeeds Jeff Storey, who has announced his retirement after a distinguished 40-year career within the telecommunication and technology industries, including Lumen and its predecessors.”
Share price decline since May 2018
The announcement follows a decline in Lumen Technologies Inc.’s share price of 46% since May 2018. May 2018 is the month in which Storey’s tenure as CEO began.
In the position of CEO since 2018
Jeff Storey became CEO of the Company in 2018.
Storey will remain with the company through December 31, 2022, to ensure a smooth transition.
Jeffrey K. Storey is a transformational telecommunications and cybersecurity innovator serving as the President and Chief Executive Officer of Lumen since 2018; as the Chief Operating Officer of Lumen between 2017 and 2018 and prior to his current role having served as President and Chief Executive Officer of Level 3 Communications, Inc. from April 2013 to November 2017; President and Chief Operating Officer of Level 3 Communications, Inc. from December 2008 to April 2013; President of Leucadia Telecommunications Group (Leucadia National Corporation) from 2006 to 2008; Chief Executive Officer and President of WilTel Communications Group Inc. from 2002 to 2005 and in various other senior level positions with WilTel or its affiliates from 1999 to 2002; Vice President of Commercial Services of Cox Communications from 1998 to 1999 and as a Vice President and General Manager of Cox Fibernet from 1994 to 1998.
Storey began his career in telecommunications in 1983 with Southwestern Bell Telephone where he held various engineering and operations positions.
In the last five years he served on the public company board of Level 3 Communications, Inc. from 2013 to 2017 and his other leadership experience includes serving on the National Security Telecommunications Advisory Committee.
He joined the Board in 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jeff Storey’s move on a scale of 0 to 10.
exechange reached out to Lumen and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2022 ($).