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DENVER - Lumen Technologies (NYSE: LUMN), a $4.42 billion market cap digital networking solutions provider, has announced the addition of Michelle J. Goldberg and Steve McMillan to its Board of Directors, coinciding with its annual shareholder meeting held today. According to InvestingPro data, the company’s stock has shown resilience with a strong 3.61% return over the past month, despite trading near its Fair Value. The company, which generates annual revenue of $13 billion, sees the new appointees as crucial to its strategic growth and transformation efforts.
Michelle J. Goldberg brings a wealth of experience from her background in early-stage technology and finance, with over 20 years in the field. Her previous roles include serving as a Partner at Ignition Partners and holding board positions at companies such as Bakkt Holdings and Ally Financial. Goldberg’s track record in guiding startups through innovation and expansion is expected to bolster Lumen’s innovation agenda. InvestingPro analysis reveals the company maintains healthy liquidity with a current ratio of 1.21, providing financial flexibility for innovation initiatives.
Steve McMillan’s expertise lies in global enterprise technology strategy, data analytics, and big data. Currently, he is the President and CEO of Teradata Corporation and has held significant positions at F5, Oracle, and IBM. His experience in cloud management and services is seen as directly relevant to Lumen’s focus on multi-cloud and AI-first technologies.
The appointments come as Lumen bids farewell to retiring board members Peter C. Brown, Steven T. Clontz, and Laurie Siegel. Lumen’s president and CEO, Kate Johnson, expressed gratitude for the departing members’ leadership and their role in positioning the company for its future direction.
With the new additions, Lumen’s Board of Directors now comprises 11 members. The company emphasizes its commitment to connecting data and applications securely and efficiently, positioning itself as the trusted network for AI, and meeting customer needs in an evolving digital landscape.
This news is based on a press release statement from Lumen Technologies. The company has not provided any forward-looking statements or financial projections regarding the impact of the new board members on its operations or financial performance.
In other recent news, Lumen Technologies reported better-than-expected earnings for the first quarter of 2025. The company achieved an earnings per share of -$0.13, surpassing the forecast of -$0.26, and generated revenue of $3.18 billion, exceeding expectations of $3.12 billion. Despite a 3.3% year-over-year decline in total revenue, Lumen’s strategic innovations and partnerships, such as its collaboration with Google Cloud, have bolstered its position in the market. On the analyst front, Raymond James upgraded Lumen’s stock rating to Outperform, citing potential financial improvements from the anticipated sale of the company’s Fiber-to-the-Home assets. Meanwhile, Citi adjusted its price target for Lumen to $6.00 but maintained a Buy rating, highlighting the company’s robust business segment revenue growth. Additionally, Lumen has appointed Mark Hacker as Executive Vice President and Chief Legal Officer, bringing over two decades of legal and regulatory experience to the company. These developments underscore Lumen’s ongoing efforts to drive transformation and enhance shareholder value.
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