Good morning, CFOs. An interview with Lumen Technologies CFO Chris Stansbury; with jobs data delayed, analysts are flocking to unofficial data; plus, Google to double spending.

Lumen Technologies is boosting its AI offerings and reducing its debt pile following a large deal with AT&T. When Chief Financial Officer Chris Stansbury joined the telecommunications company in 2022, it was wrestling with a mountain of debt, amassed over several takeovers including its $25 billion merger with Level 3 Communications in 2017.

Stansbury talked to WSJ Leadership Institute reporter Mark Maurer about where the debt stands now and how he approached leading Lumen’s recovery and debt restructuring. Edited excerpts follow.

Our debt is under $13 billion, which is under four times [Ebitda, or earnings before interest, taxes, depreciation and amortization]. Now we've got a fairly normalized maturity curve and a very manageable debt structure, which allows us now to focus on the enterprise side.

We shed a little over $1 billion of capex with the sale of the consumer business because that's in build mode right now. If you think about the world of AI and the need for consumability, API-driven access to the network is where the world's going. Our model for the next five years is fully funded. We don't need to borrow money. We can invest everything we need to invest in our turnaround.

You helped shepherd a $15 billion debt restructuring. From a leadership perspective, what have you learned to do differently than you anticipated?

Stansbury: I'm an impatient person and impatience can be handy, but at times, it's not all in your control. The key thing for me is you have to surround yourself with the right people, the right team, which we've done internally and with external advisers. You have to be nimble. The shortest distance as measured by time is never a straight line. You have to navigate things.

I used to be a boater and if you just went from point A to point B, you were going to hit something. You had to navigate around things, and that's what you have to do in these kinds of situations. Being adaptable, being nimble and having trust in yourself, but more importantly, in the people you surround yourself with, is the key to success.                                                                                                                                                                        —Mark Maurer

📆 Earnings

Amazon.com, Ares Management, Bristol Myers Squibb, Cigna, ConocoPhillips, Cummins, Digital Realty Trust, Equity Residential, Fortinet, Gen Digital, Huntington Ingalls Industries, Hershey, Intercontinental Exchange, KKR, Linde, Mettler-Toledo International, Microchip Technology, Molina Healthcare, Monolithic Power Systems, News Corp, Ralph Lauren, Shell, Snap-On and Tapestry

Economy watchers are once again turning to a patchwork of unofficial data after another federal spending impasse pushed back the release of official government figures, WSJ reporters Matt Grossman and Justin Lahart write.

A partial government shutdown that ended Tuesday forced the Bureau of Labor Statistics to delay its January jobs report, originally scheduled for Friday, until Wednesday of next week. January inflation data, which had been scheduled for next Wednesday, will move back two days to next Friday instead.

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📈 Earnings wrapup

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Uber Technologies continues to gain customers at a fast clip thanks to ongoing geographic and product expansions, which executives say will fuel growth for years to come. The ride-hailing company also on Wednesday named Balaji Krishnamurthy as its next finance chief, succeeding Prashanth Mahendra-Rajah, who will step down Feb. 16.

Freshpet, the Bedminster, N.J.-based pet-food maker, has hired John O'Connor as the company's new chief financial officer, effective Feb. 9. Freshpet on Wednesday said O'Connor, 45 years old, most recently served as senior vice president of global commercial finance at animal-health company Zoetis. Ivan Garcia, who stepped in as interim finance chief in October after Todd Cunfer left to become finance chief at Campbell's, will remain as senior vice president of finance. Freshpet said O'Connor will receive an annual base salary of $525,000 and an annual cash bonus with a target of at least 70% of his base pay.

Lamb Weston Holdings, the Boise, Idaho-based french-fry maker, unveiled a management realignment that includes the hiring of a new executive chair and a new top finance executive as the company continues its efforts to accelerate growth and increase shareholder value. James Gray, who recently announced plans to retire as CFO of ingredients maker Ingredion, will join the company as finance chief on April 2. Lamb Weston said Bernadette Madarieta, who has been CFO since August 2021, will remain in her post until April 1. Gray will receive an annual base salary of $825,000 and an annual bonus with a target of 100% of his base pay, the company said.

—Connor Hart and Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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