Lumen Stock Slumped at Market Open as CEO Jeff Storey Retires

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Jeff Storey, the CEO of LUMN will step down, and Microsofts Kate Johnson will take over.

Lumen Technologies (NYSE:LUMN)

Lumen Technologies (NYSE:LUMN) has appointed Kate Johnson to the positions of President, Chief Executive officer, and Board member. After a stellar 40-year career in the telecommunications and technology sectors, Johnson will succeed Jeff Storey, who is retiring. The changeover is anticipated to occur on November 7, 2022.

After a 40-year career in the telecommunications and technology industries, Lumen Technologies Inc. announced on Tuesday that Chief Executive Jeff Storey would resign from his position. The telecom firm announced Kate Johnson as its next CEO, with the changeover taking place on or around November 7. Johnson most recently served as the head of Microsoft U.S., the companys largest division, for the previous four years. Storey will continue working for the business until December 31, 2022. The S&P 500 has lost 13.8% while Lumens stock, which was still dormant in premarket trade, has fallen 19.8%. A seasoned tech executive with experience working for a number of Fortune 100 organizations, including Oracle (NYSE:ORCL), General Electric (NYSE:GE), and Microsoft, is now employed by the company (NASDAQ:MSFT).

Outlook

The 10%+ dividend yield of LUMN is greater than three times that of the whole telecom industry and greater than 1.6 times that of Verizon. LUMN has problems with underinvestment in addition to a stretched balance sheet and low-interest coverage ratios, although the theory also carries upside risks, particularly in the short run. At LUMN, there are a few encouraging near-term growth catalysts in motion. The company plans to expand Quantum Fiber to more areas and compete more successfully with other high-speed providers like VZ and AT&T depending on the feedback from this rollout.

Read more on LUMN solutions for enterprise SASE management.

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