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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 allnon-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