- Signs for push-out forces
- After 27 years on the job
- Laud, praise and thanks for Post
- Jeff Storey taking over
- Post will remain as executive chairman at CenturyLink
- Post spoke at length and said 229 words
(exechange) — Monroe, Louisiana, June 01, 2017 — Glen Post, chief executive of CenturyLink, leaves. His departure is made public at an early stage. As announced by CenturyLink, Inc. in a news release and in a regulatory filing published on Thursday, June 01, 2017, Glen F. Post leaves the post as Chief Executive Officer at the telecommunications company after 27 years on the job, effective January 01, 2019.
It is the end of an era.
It is a long goodbye. The announcement of Post’s move comes 19 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Post’s duties are taken over by Jeff Storey, currently Chief Executive Officer at Level 3 Communications, Inc.
Post’s move is part of a management shake-up also involving the position of chief operating officer.
Upon closing of the CenturyLink – Level 3 acquisition, Jeff Storey, currently president and CEO of Level 3 Communications, Inc. (NYSE: LVLT), will join CenturyLink as its president and chief operating officer. As previously announced, after the closing Glen F. Post III will remain CEO of CenturyLink.
“This is the right time to begin to take this next step into our future”
The management change is explained as follows. Post said: “Transitions like this are bittersweet, but I am confident this is the right time to begin to take this next step into our future.”
Post will remain as executive chairman at CenturyLink
“It is expected that Storey will succeed Post as CEO of CenturyLink effective Jan. 1, 2019 and that Post will then become executive chairman of the company’s board of directors,” CenturyLink said.
The two companies continue to expect to close the transaction by Sept. 30, 2017.
Share price decline
The change follows a decline in the share price of CenturyLink, Inc. since January 2015.
Chaired by Harvey P. Perry
CenturyLink, Inc. is chaired by Harvey P. Perry.
Harvey P. Perry, age 72, has been a director since 1990.
On the job as CEO since 1992
Post has been the Chief Executive Officer of CenturyLink, Inc. since 1992 and its President since July 2009.
He joined CenturyLink in 1976.
- Vice President – 1982
- Senior Vice President and Treasurer – 1984
- Board of Directors – 1985
- Senior Vice President and Chief Financial Officer – 1986
- Executive Vice President and Chief Operating Officer – 1988
- President and Chief Operating Officer – 1990
- Vice Chairman of the Board, President and Chief Executive Officer – 1992
- Chairman of the Board and Chief Executive Officer – 2002
- Chief Executive Officer and President – 2009
- Bachelor’s Degree/Accounting – Louisiana Tech University/Ruston, Louisiana
- Master’s Degree/Business Administration – Louisiana Tech University/Ruston, Louisiana
Signs for push-out forces
It is not completely certain what forces eventually triggered Glen Post’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 23.2017 ($).