AT&T getting a new CEO

April 27, 2020
After serving 13 years as AT&T's (NYSE:T) chairman and CEO, Randall Stephenson, 60, will retire as CEO but will serve as executive chairman of the company's board of directors ...

After serving 13 years as AT&T's (NYSE:T) chairman and CEO, Randall Stephenson, 60, will retire as CEO but will serve as executive chairman of the company's board of directors until January 2021 to ensure a smooth leadership transition.

The board has elected AT&T President and Chief Operating Officer John Stankey as CEO effective July 1, and as a member of the board effective June 1.

Stankey's selection as AT&T's next CEO completes the final phase of a succession planning process that AT&T's board began in 2017. Most recently, the HR Committee - led by AT&T Director Beth Mooney, comprised entirely of independent directors and supported by outside consultants - engaged in a five-month internal and external search process.

"Leadership succession is one of the board's most important responsibilities," Mooney said. "After an extensive evaluation, it was clear that John Stankey was the right person to lead AT&T into the future."

Stankey, 57, has served as president and COO since October 2019. He joined AT&T in 1985 and has more than 30 years of experience spanning nearly every area of AT&T's business. Stankey has served in a variety of roles, including CEO of WarnerMedia; CEO of AT&T Entertainment Group; chief strategy officer; chief technology officer; CEO of AT&T Operations; and CEO of AT&T Business Solutions.

Stephenson said: "I congratulate John, and I look forward to partnering with him as the leadership team moves forward on our strategic initiatives while navigating the difficult economic and health challenges currently facing our country and the world. John has the right experiences and skills, and the unflinching determination every CEO needs to act on his convictions. He has a terrific leadership team onboard to ensure AT&T remains strong and continues to deliver for customers and shareholders for years to come."

"I'm honored to be elected the next CEO of AT&T, a company with a rich history and a bright future," said Stankey. "My thanks go to Randall for his vision and outstanding leadership during a period of tremendous change and investment in the core capabilities needed to position AT&T well for the years ahead. And I appreciate the board's confidence in me leading the company during our next chapter of growth and innovation in keeping people connected, informed and entertained. We have a strong company, leading brands and a great employee team, which I'm privileged to lead. I couldn't be more excited about the new opportunities we have to serve our customers and communities and create value for our shareholders."

Later this year, AT&T's board will elect an independent director to chair the board of directors when Stephenson retires in January 2021.        

About the Author

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STEPHEN HARDY
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