Massive AT&T (NYSE:T) news occurred on Friday, after the company announced that Randall Stephenson will retire as AT&T chairman and CEO after 13 years of service. However, Stephenson will continue to act as executive chairman of the AT&T Board of Directors until January of next year “to ensure a smooth leadership transition.” The news comes just one day after the company reported its first-quarter earnings for fiscal year 2020.
In turn, AT&T selected company President and Chief Operating Officer John Stankey as to take over as CEO beginning July 1. In addition to this role, Stankey will also serve as a member of the board starting on June 1.
“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,” Stephenson said. “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.”
Back in February, Stephenson had said he would remain in his role as chief executive through the end of the year.
However, according to the release, “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, which included a thorough evaluation of internal and external candidates.”
Here is what Stankey had to say regarding the news:
“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.”
The AT&T news has T stock slightly lower on Friday after being up more than 1% in early trading.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
