MONROE, La., Dec. 30, 2019 /PRNewswire/ -- CenturyLink,
Inc. (NYSE: CTL) today announced that Glen
F. Post, III has decided not to stand for re-election at the
Company's 2020 Annual Shareholder Meeting.
"After 34 years of service as a CenturyLink director, I have
decided to retire from the Board," Post said. "I leave with a great
sense of confidence in Jeff and our leadership team, of pride in
our accomplishments together and a real optimism for our future. I
am honored to have worked with so many great people to make it so.
I will continue to closely follow the Company and I encourage our
employees to keep their feet firmly grounded in our Unifying
Principles of honesty, integrity and fairness as they continue to
push this great company forward."
"Glen has had a unique and remarkable career," said Jeff Storey, CenturyLink Chief Executive Officer
and President. "He led CenturyLink's transformation into what is
today one of the world's leading network services providers.
Because of his vision, our future is bright. I have appreciated his
support, his counsel and his unfailing focus on doing the right
thing. He leaves a legacy of leadership we all strive to
emulate."
In addition to Post's retirement from the Board, current
non-executive Board Chairman Harvey
Perry will retire effective May
2020 under the Company's director retirement policy. Upon
Perry's retirement, T. Michael Glenn
will assume the position of Chairman of the Board. Current Vice
Chairman Bruce Hanks will continue
to serve in that role.
Glenn served as a director since Nov. 1,
2017 and is a member of the Audit and Human Resources and
Compensation Committees. He served as Senior Advisor at Oak Hill
Capital Partners since November 2017.
For 35 years until his retirement in December 2016, Glenn served in leadership roles
at FedEx Corporation and its predecessor, FedEx Express, including,
most recently, as Executive Vice President of Market Development
and Corporate Communications for FedEx Corporation. He was also a
member of the five-person Executive Committee, responsible for
planning and executing the corporation's strategic business
activities, and President and Chief Executive Officer of FedEx
Corporate Services, responsible for all marketing, sales and retail
operations functions for all FedEx Corporation operating companies.
Glenn currently serves as a director of Pentair plc and previously
served as a director of Level 3 Communications, Inc.
Appointment of Independent Director
The Company also announced today that it has appointed
Hal Jones to its Board of Directors,
effective Jan. 1, 2020. Jones was
recommended to the Board by Southeastern Asset Management. With his
election, the Board will comprise 14 members until the 2020 Annual
Shareholder Meeting, at which point the Board intends to put forth
a slate of 11 directors, 10 of whom will be independent and several
of whom will have joined since 2015.
From 2009 to 2013, Jones served as Chief Financial Officer of
Graham Holdings Company, a diversified education and media company,
and its predecessor, The Washington Post Company. From 1989 until
2013, he worked in various capacities at The Washington Post
Company. From January 2008 to
December 2009, he served as the
President and Chief Executive Officer of Kaplan Professional, a
subsidiary of The Washington Post Company, and in a variety of
other capacities from 1989 to 2008. Prior to joining The Washington
Post Company, Jones worked for Price Waterhouse (now
PricewaterhouseCoopers) from 1977 to 1988. Jones also serves as a
director of Playa Hotels and Resorts.
"We are pleased to welcome Hal to the Company's Board," said
Storey. "He brings a fresh perspective that will be helpful in the
Board's critical role of overseeing the profitable deployment of
capital in today's evolving landscape. I am confident that Hal will
help us drive success for our shareholders, customers and
employees."
"I am excited to join the Board at this critical time in the
Company's evolution," said Jones. "CenturyLink plays an integral
role in connecting our world and I look forward to working with
management and my fellow Board members to ensure the Company
continues to drive long-term value per share."
Enhancements to Corporate Governance Guidelines
In addition to changes in Board Composition, the CenturyLink
Board approved the following changes to its Corporate Governance
Guidelines:
- Targeting average Board tenure of no more than 10 years;
- Targeting to have all non-CEO Board members be
independent;
- Targeting a Board size of between 10 and 12 directors; and
- Rotating Board committee and Board chairs approximately every
five years.
"The CenturyLink Board continuously reviews our governance
practices and Board composition to ensure that we are aligned with
the interests of all shareholders," said Storey. "We will continue
to take actions that we believe will enable us to oversee the
execution of a strategy that drives success for our shareholders,
customers and employees."
About CenturyLink
CenturyLink, Inc. (NYSE: CTL) is a
technology leader delivering hybrid networking, cloud connectivity
and security solutions to customers around the world. Through its
extensive global fiber network, CenturyLink provides secure and
reliable services to meet the growing digital demands of businesses
and consumers. CenturyLink strives to be the trusted connection to
the networked world and is focused on delivering technology that
enhances the customer experience. Learn more at
http://news.centurylink.com/.
Forward-Looking Statements
Except for historical and
factual information, the matters set forth in this release
identified by words such as "expects," "anticipates," "believes,"
"plans," "intends," "will," and similar expressions are
forward-looking statements as defined by the federal securities
laws, and are subject to the "safe harbor" protections thereunder.
These forward-looking statements are not guarantees of future
results and are based on current expectations only, and are subject
to uncertainties. Actual events and results may differ materially
from those anticipated by us in those statements. We may change our
intentions or plans discussed in our forward-looking statements
without notice at any time and for any reason.
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SOURCE CenturyLink, Inc.