Lumen Technologies updates executive severance plan and CEO agreement

Lumen Technologies has updated its executive severance plan and CEO agreement, following significant financial challenges. The company removed CEO Kate Johnson and other named executive officers from the previous plan and replaced it with the Lumen Executive Severance Plan. Under the revised terms, participating officers will receive cash severance, bonuses, and other benefits upon termination or resignation, subject to certain conditions.

Additionally, an amended and restated change of control and severance agreement was entered into with CEO Kate Johnson, providing her with enhanced severance and benefits if her employment ends without cause or she resigns for good reason within 24 months of a change in control.

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