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AT&T has announced this morning that CEO Randall Stephenson will be stepping down in July this year, and will resign as executive chair in January 21 2021. Stephenson's long time deputy, AT&T’s current President and COO John Stankey, will replace him as CEO.
Later this year, AT&T’s Board will elect an independent director to chair the Board of Directors when Stephenson retires as executive chairman.
The change was announced at the company’s annual meeting today, which was held online because of the coronavirus pandemic. 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, in which internal and external candidates were considered.
“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,” commented Stephenson.
Stankey said he was honored to be elected the next CEO of AT&T, which is one of the world's largest media and telecommunications companies. “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,” he said.
Stankey also serves as CEO of AT&T owned WarnerMedia. Stankey has tapped Jason Kilar a former Amazon executive who was the founder and CEO of streaming company Hulu, to replace him as CEO of WarnerMedia when he departs.