Lumen Technologies CEO Jeff Storey to step down, to be succeeded by Kate Johnson from Microsoft

This replaces an earlier item that incorrectly spelled the CEO name in the headling. It has been corrected

Lumen Technologies Inc.
LUMN,
+1.00%
said Tuesday Chief Executive Jeff Storey will step down from his role and retire, after a 40-year career in the telecommunications and technology industries. The telecommunications company said it named Kate Johnson as its new CEO, with the transition date expected to be Nov. 7. Johnson most recently led Microsoft Corp.’s
MSFT,
+0.83%
largest business, Microsoft U.S., for the past four years. Storey will remain with the company through Dec. 31, 2022. Lumen’s stock, which was still inactive in premarket trading, has dropped 19.8% year to date, while the S&P 500
SPX,
+1.06%
has lost 13.8%.