DENVER - Lumen Technologies (NYSE: LUMN) has named Chad Ho as the new executive vice president and chief legal officer, starting in June, the company announced today. Ho succeeds Stacey Goff, who is concluding a notable 26-year tenure with Lumen and its predecessor companies. Goff is set to assist in the transition for several weeks following Ho's commencement.
Ho brings a robust legal background to Lumen, having served as chief legal officer at Sabre (NASDAQ:SABR) and previously as general counsel at Hulu, where he was instrumental in the company's growth from its inception to becoming a multi-billion dollar entity. His experience extends to overseeing legal matters for Disney's TV networks and streaming services post-Hulu's integration into Disney. Ho holds a J.D. from Harvard Law School and a B.A. from Stanford University.
Kate Johnson, president and CEO of Lumen, praised Ho's track record with large public companies and his capacity to stimulate growth within the tech sector, noting his fit with Lumen's culture and transformation goals. Ho expressed enthusiasm about joining Lumen during a significant phase, highlighting the company's potential given its team and technological capabilities.
Johnson also acknowledged Goff's leadership and contributions, crediting him with guiding the company through pivotal moments and leaving a solid foundation for future growth. Goff reflected on his time at Lumen, expressing pride in the company's evolution and confidence in its strategic direction for revenue growth.
This leadership change comes as Lumen continues to focus on business growth by leveraging its network strengths, which include metro connectivity, long-haul data transport, edge cloud, security, and managed service capabilities. The information regarding this appointment is based on a press release statement from Lumen Technologies.
InvestingPro Insights
As Lumen Technologies (NYSE: LUMN) welcomes Chad Ho as the new executive vice president and chief legal officer, the company's financial health and market performance remain critical for stakeholders.
According to InvestingPro data, Lumen Technologies has a market capitalization of approximately $1.35 billion, reflecting the size and value of the company in the market. However, the company's financial metrics indicate challenges, with a negative P/E ratio of -0.12, suggesting that the company is not currently profitable.
InvestingPro Tips highlight that Lumen operates with a significant debt burden and is quickly burning through cash. These factors are crucial considerations for the new legal chief, as they may influence future legal and strategic decisions. Analysts anticipate a sales decline in the current year and do not expect the company to be profitable this year.
The valuation implies a poor free cash flow yield, and Lumen has not been profitable over the last twelve months. Additionally, the company has stopped paying dividends to shareholders, which could affect investor sentiment.
Despite these challenges, Lumen has seen a significant return over the last week, with a 1-week price total return of 8.2%. This short-term uptick could be a response to strategic moves or market fluctuations, but it is essential to consider the company's long-term prospects and financial stability.
InvestingPro offers even more insights and tips for Lumen Technologies, which could be invaluable for investors and analysts following the company's transition under new executive leadership. There are six additional InvestingPro Tips available, which can be accessed through the dedicated page for Lumen Technologies at https://www.investing.com/pro/LUMN. For those interested in a deeper analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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