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Lumen Announces CEO Transition, With Kate Johnson Taking the Role in November

Matthew Dolgin, CFA Equity Analyst

Analyst Note

| Matthew Dolgin, CFA |

Lumen announced CEO Jeff Storey, who's been in the role since shortly after he came to Lumen in the Level 3 acquisition in 2016, will retire in November after a 40-year career and be replaced by Kate Johnson, a tech industry veteran who has previously worked for Oracle, General Electric, and Microsoft. Lumen said succession planning had been taking place for several years, and Johnson left her last role— the president of Microsoft U.S.— in 2021. Recent divestitures make this a logical time for a new CEO to get a fresh start with a revamped business, but Lumen's inability to turn a corner toward growth in recent years may also be a catalyst for new leadership.

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Business Description

With 450,000 route miles of fiber, including over 35,000 route miles of subsea fiber connecting Europe, Asia, and Latin America, Lumen Technologies is one of the United States’ largest telecommunications carriers serving global enterprises. Its merger with Level 3 further shifted the company’s operations toward businesses (over 70% of revenue) and away from its legacy consumer business. Lumen offers businesses a full menu of communications services, providing colocation and data center services, data transportation, and end-user phone and internet service. On the consumer side, Lumen provides broadband and phone service across 37 states, where it has 4.5 million broadband customers.

100 CenturyLink Drive
Monroe, LA, 71203
T +1 318 388-9000
Industry Telecom Services
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 35,000

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