MONROE, La., June 1, 2017 /PRNewswire/ -- CenturyLink,
Inc. (NYSE: CTL) today announced that 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. 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.
The two companies continue to expect to close the transaction by
Sept. 30, 2017.
"Throughout our company's evolution, we have focused on
investment, growth and value creation. I am pleased that our
collective work has put us at the forefront of the digital world.
As we move into this next phase of our growth, I am confident in
the strength of our position, the scope of our opportunity and
Jeff's ability to lead our company forward – first as president and
COO and then as CEO," 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. At CenturyLink, I have had the
privilege of working with some of the most talented people in our
industry. Their leadership, dedication, loyalty and tireless
efforts have been – and will continue to be – the key to our
success. I look forward to joining forces with Jeff and the
talented employees from Level 3 as we pursue the exciting
opportunities that lie ahead."
"Jeff has been an excellent leader for Level 3 and shares our
excitement about the future of our business and the importance of
world-class customer experience to our success," Post said. "Just
as important, Jeff shares my focus on continuing to invest in our
network, products and services to meet our customers' needs. I look
forward to continuing to work closely with Jeff to shape the future
of the combined company."
"Glen has done an exceptional job leading CenturyLink over the
last 25 years, steadily transforming the company to become a
leading international communications provider," Storey said. "I
strongly believe in the combination of the two companies and I am
very excited to become part of the CenturyLink management team
after the transaction closes. I look forward to continuing to work
with Glen to drive a successful integration, an outstanding
customer experience and growth in shareholder value. The
opportunities ahead of us are exciting and I am committed to
building on this impressive foundation."
In addition to Storey, Post's direct reports following the
closing of the acquisition will be:
- Stacey Goff, executive vice president, general counsel and
chief administrative officer
- Sunit Patel, executive vice president, chief financial
officer
- Scott Trezise, executive vice president, human resources
CenturyLink also announced that Harvey
P. Perry, vice chairman of the board of CenturyLink, has
been appointed chairman of the board, effective immediately. He
replaces William A. Owens, who
retired from the board on May 24,
2017. W. Bruce Hanks, a
member of the CenturyLink board of directors, has been named vice
chairman, also effective immediately. As previously announced,
Storey is one of four Level 3 board members who will join the
CenturyLink board at closing.
"Glen joined what would become today's CenturyLink in 1976,
working for our founder, Clarke M.
Williams. Throughout his 40-year career, Glen's leadership
and vision have transformed CenturyLink into one of the world's
leading providers of advanced communications services. Along the
way, CenturyLink has created tremendous shareholder value through
significant organic growth and successful transactions such as
Pacific Telecom, Embarq, Qwest and now Level 3. This leadership
succession plan enables Glen to create a smooth transition of the
CEO role to Jeff and to continue to have a significant role in the
company's future as executive chairman of the board. On behalf of
the entire board, I thank Glen for all he has done and will
continue to do for CenturyLink. We look forward to working with him
and Jeff to realize what we believe is a bright future for the
combined company," Perry said.
CenturyLink's headquarters will remain in Monroe, La.
About CenturyLink
CenturyLink (NYSE: CTL) is a global communications and IT services
company focused on connecting its customers to the power of the
digital world. CenturyLink offers network and data systems
management, big data analytics, managed security services, hosting,
cloud, and IT consulting services. The company provides broadband,
voice, video, advanced data and managed network services over a
robust 265,000-route-mile U.S. fiber network and a
360,000-route-mile international transport network. Visit
CenturyLink for more information.
Forward Looking Statements
Except for the historical
and factual information contained herein, the matters set forth in
this communication, including statements regarding the expected
timing and benefits of the proposed transaction, such as
efficiencies, cost savings, enhanced revenues, growth potential,
market profile and financial strength, and the competitive ability
and position of the combined company, and other statements
identified by words such as "will," "estimates," "anticipates,"
"believes," "expects," "projects," "plans," "intends," "may,"
"should," "could," "seeks" and similar expressions, are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, many of which are
beyond our control. These forward-looking statements, and the
assumptions upon which they are based, (i) are not guarantees of
future results, (ii) are inherently speculative and (iii) are
subject to a number of risks and uncertainties. Actual events and
results may differ materially from those anticipated, estimated,
projected or implied in those statements if one or more of these
risks or uncertainties materialize, or if underlying assumptions
prove incorrect. Factors that could affect actual results include
but are not limited to: the ability of the parties to timely
and successfully receive the required approvals for the combination
from regulatory agencies free of conditions materially adverse to
the parties; the possibility that the anticipated benefits from the
proposed transaction cannot be fully realized or may take longer to
realize than expected; the possibility that costs, difficulties or
disruptions related to the integration of Level 3's operations
with those of CenturyLink will be greater than expected; the
ability of the combined company to retain and hire key personnel,
including reaching or maintaining mutually acceptable employment
arrangements with the executives named above; the effects of
competition from a wide variety of competitive providers, including
lower demand for CenturyLink's legacy offerings; the effects of
new, emerging or competing technologies, including those that could
make the combined company's products less desirable or obsolete;
the effects of ongoing changes in the regulation of the
communications industry, including the outcome of regulatory or
judicial proceedings relating to intercarrier compensation,
interconnection obligations, access charges, universal service,
broadband deployment, data protection and net neutrality; adverse
changes in CenturyLink's or the combined company's access to credit
markets on favorable terms, whether caused by changes in its
financial position, lower debt credit ratings, unstable markets or
otherwise; the combined company's ability to effectively adjust to
changes in the communications industry, and changes in the
composition of its markets and product mix; possible changes in the
demand for, or pricing of, the combined company's products and
services, including the combined company's ability to effectively
respond to increased demand for high-speed broadband service;
changes in the operating plans, capital allocation plans or
corporate strategies of the combined company, whether based on
changes in market conditions, changes in the cash flows or
financial position of the combined company, or otherwise; the
combined company's ability to successfully maintain the quality and
profitability of its existing product and service offerings and to
introduce new offerings on a timely and cost-effective basis; the
adverse impact on the combined company's business and network from
possible equipment failures, service outages, security breaches or
similar events impacting its network; the combined company's
ability to maintain favorable relations with key business partners,
suppliers, vendors, landlords and financial institutions; the
ability of the combined company to utilize net operating losses in
amounts projected; changes in the future cash requirements of the
combined company; and other risk factors and cautionary statements
as detailed from time to time in each of CenturyLink's and Level
3's reports filed with the U.S. Securities and Exchange Commission
(the "SEC"). Due to these risks and uncertainties, there can be no
assurance that the proposed combination or any other transaction
described above will in fact be completed in the manner described
or at all. You should be aware that new factors may emerge
from time to time and it is not possible for us to identify all
such factors nor can we predict the impact of each such factor on
the proposed combination or the combined company. You should
not place undue reliance on these forward‑looking statements, which
speak only as of the date of this communication. Unless
legally required, CenturyLink and Level 3 undertake no
obligation and each expressly disclaim any such obligation, to
update publicly any forward-looking statements, whether as a result
of new information, future events, changed events or otherwise.
Additional Information
In connection with the proposed
combination, CenturyLink filed a registration statement on Form S-4
with the SEC (Registration Statement No. 333-215121) which was
declared effective by the SEC on February
13, 2017. CenturyLink and Level 3 have filed a joint
proxy statement/prospectus and will file other relevant documents
concerning the proposed transaction with the SEC. CenturyLink and
Level 3 began mailing the definitive joint proxy
statement/prospectus to their respective security holders on or
about February 13, 2017. The
definitive joint proxy statement/prospectus, dated as of
February 13, 2017, contains important
information about CenturyLink, Level 3, the proposed combination
and related matters. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE
PROPOSED COMBINATION OR INCORPORATED BY REFERENCE IN THE DEFINITIVE
JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and security holders may obtain
the definitive joint proxy statement/prospectus and the filings
that are incorporated by reference in the definitive joint proxy
statement/prospectus, as well as other filings containing
information about CenturyLink and Level 3, free of charge, at the
website maintained by the SEC at www.sec.gov. Investors and
security holders may also obtain these documents free of charge by
directing a request to CenturyLink, 100 CenturyLink Drive,
Monroe, Louisiana 71203,
Attention: Corporate Secretary, or to Level 3, 1025 Eldorado
Boulevard, Broomfield, Colorado
80021, Attention: Investor Relations.
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SOURCE CenturyLink, Inc.