AT&T names John Stankey as next CEO, Randall Stephenson to retire
Randall Stephenson is retiring as ATT’s chief executive, the company announced Friday. Chief Operating Officer John Stankey will take over as CEO on July 1.
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ATT’s Board began the CEO succession planning process in 2017 and Stankey has been the primary candidate groomed for the role. He’s been with ATT since 1985, holding various leadership positions, most recently as the CEO of ATT’s WarnerMedia.
“Leadership succession is one of the Board’s most important responsibilities,” ATT director Beth Mooney said. “After an extensive evaluation, it was clear that John Stankey was the right person to lead ATT into the future.”
This week the telecom and media company reported first quarter earnings and revenue that fell short of expectations, and withdrew its outlook due to COVID-19. Despite economic challenges, the company still said it had enough cash flow to invest in growth areas such as 5G.
The coronavirus pandemic also prompted ATT to cancel a planned $4 billion stock buyback. The company said last month it would instead use the funds to pay employees and make network investments.
Later this year, ATT’s Board will elect an independent director to chair the company’s board when Stephenson retires as executive chairman in January 2021.
Article source: https://www.zdnet.com/article/at-t-names-john-stankey-as-next-ceo-randall-stephenson-to-retire/#ftag=RSSbaffb68