Passing the baton: Storey takes helm of CenturyLink as Post departs

The CenturyLink shareholder's meeting was punctuated with standing ovations and teary eyes as President and Chief Executive Officer Glen F. Post III headed the annual event for the last time.

Going forward, Jeff Storey will act as president and CEO.

Post, during his parting address, told Storey he hoped to get a real baton, but this was the best they could do and handed Storey a roll of papers with green rubber bands at both ends.

After the meeting, Storey was still carrying the memento.

EXCLUSIVE:CenturyLink CEO reflects on career, retirement

Post presented financial data at the meeting and discussed the future of the company, which acquired Level 3 Communications in the past year.

He said he's confident in the company's future because he's confident in its people.

During the question and answer portion, Donald Ray Morris of Log Cabin, asked if the company planned to maintain its dividend offering.

Post said there are no current plans to eliminate the dividend and he sees no need to in the next few years, based on CenturyLink's finances.

On Wednesday, the company announced that its Board of Directors voted to declare a regular quarterly cash dividend of $0.54 per share, which will be payable June 15, to shareholders of record on June 4.

Shareholder votes

The shareholders voted on five issues, including electing the 13-member board of directors. 

KPMG was hired as the independent auditor.

Shareholders approved the 2018 equity incentive plan and voted yes on a non-biding advisory vote regarding executive compensation.

A shareholder proposal for the company to list all the ways it contributes to lobbying only gained about 20 percent of the vote.

More:Moving forward: CenturyLink has 'no plans to move HQ'