Telecommunications provider CenturyLink lost $2 billion in market value Sept. 25 after its CFO said he is leaving the company to oversee T-Mobile's integration with Sprint, according to The Wall Street Journal.
The loss of Sunit Patel dragged the company's market value to $22.7 billion at close Sept. 25, according to FactSet data cited by WSJ.
Mr. Patel's long tenure and experience with successful business combinations and financial management are a loss for CenturyLink, analysts said after his announcement. The executive move also comes as CenturyLink is 11 months into its integration with Level 3 Communications, where Mr. Patel spent more than 14 years as finance chief. The deal nearly doubled the size of CenturyLink.
Neel Dev, CenturyLink's group vice president of finance, will serve as interim CFO during the company's search for a replacement.