AT&T's Randall Stephenson To Retire As CEO
Mr. Stephenson, who turned 60 this week, has spent most of his 13 years as chairman and CEO piecing together a modern media business by scooping up DirecTV and then Time Warner, remaking the staid telephone company he inherited. He had been preparing to retire at some point in 2020 until an activist investor surfaced late last year challenging his strategy, according to people familiar with the matter.
"John will be an outstanding CEO for this company, and I couldn't be more confident or pleased in passing him the baton," Mr. Stephenson said of his successor in a video to AT&T's staff. Mr. Stankey, like the man he is succeeding, earned his stripes in the telephone business but has been a leading proponent AT&T's hard turn toward entertainment. "The entire industry is in transformation right now and that transformation extends beyond just the business model," Mr. Stankey said in a recent interview. "It's how markets and how corporations operate." Mr. Stephenson said he will remain chairman until January, when the Dallas-based company is expected to elect an independent chairman. The change was announced at AT&T's annual meeting Friday, which was held online because of the coronavirus pandemic.
Mr. Stephenson, who turned 60 this week, has spent most of his 13 years as chairman and CEO piecing together a modern media business by scooping up DirecTV and then Time Warner, remaking the staid telephone company he inherited. He had been preparing to retire at some point in 2020 until an activist investor surfaced late last year challenging his strategy, according to people familiar with the matter.
"John will be an outstanding CEO for this company, and I couldn't be more confident or pleased in passing him the baton," Mr. Stephenson said of his successor in a video to AT&T's staff. Mr. Stankey, like the man he is succeeding, earned his stripes in the telephone business but has been a leading proponent AT&T's hard turn toward entertainment. "The entire industry is in transformation right now and that transformation extends beyond just the business model," Mr. Stankey said in a recent interview. "It's how markets and how corporations operate." Mr. Stephenson said he will remain chairman until January, when the Dallas-based company is expected to elect an independent chairman. The change was announced at AT&T's annual meeting Friday, which was held online because of the coronavirus pandemic.
