- AT&T Inc. (NYSE: T) has announced that John Stankey is being promoted to CEO of the company, effective July 1
AT&T Inc. (NYSE: T) has announced that John Stankey is being promoted to CEO of the company, effective July 1. Stankey will be succeeding Randall Stephenson. The announcement was made during the annual shareholders meeting today.
Upon working at AT&T for over 3 decades, Stankey was named chief operating officer of the company in September. Stephenson will remain at AT&T as the executive chairman through January 2021. Later this year, AT&T will elect an independent director to succeed Stephenson as the board chairman.
Stankey worked as president and COO since October 2019. He had joined AT&T in 1985 and has over 30 years of accomplished leadership spanning nearly every area of AT&T’s business ranging from corporate strategy and technology to operations and media and entertainment. Plus 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.
Stankey was especially instrumental in the integration of Time Warner assets through AT&T’s $85.4 billion acquisition a couple of years ago. And Stankey was named CEO of WarnerMedia following AT&T’s anti-trust trial victory in June 2018 for the Time Warner deal. AT&T recently hired former Hulu CEO Jason Kilar to succeed Stankey as the WarnerMedia CEO. On May 27, AT&T will be launching the HBO Max streaming service with content acquired through the Time Warner deal.
Activist investment firm Elliott Management has been pushing for executive changes at AT&T. And the investment firm said it supports Stankey being named CEO.
Key Quotes:
“Leadership succession is one of the Board’s most important responsibilities. After an extensive evaluation, it was clear that John Stankey was the right person to lead AT&T into the future.”
-AT&T Director Beth Mooney
“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.”
-Randall Stephenson
“Randall has done an outstanding job as CEO in transforming AT&T into a leader in communications, technology, and media and entertainment. His strong leadership and strategic investments during a period of unprecedented customer demand for mobile communications and premium entertainment have positioned the company extremely well for the years ahead. We look forward to Randall continuing to lead the Board and working with John to ensure a smooth leadership transition.”
-AT&T’s independent Lead Director Matt Rose
“I’m honored to be elected the next CEO of AT&T, a company with a rich history and a bright future. 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.”
-John Stankey
