After serving 13 years as AT&T’s Chairman and CEO, Randall Stephenson, 60, will retire as CEO but will serve as Executive Chairman of the Board of Directors until January 2021 to ensure a smooth leadership transition.
The AT&T Inc. Board has elected AT&T President and Chief Operating Officer John Stankey as CEO effective July 1, 2020, and a member of the Board of Directors effective June 1, 2020.
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. Most recently, the HR Committee — led by AT&T Director Beth Mooney, comprised entirely of independent directors and supported by outside consultants — engaged in an extensive five-month search process to ensure that the company’s next CEO possessed the vision, experience, talent and leadership qualities necessary to deliver on AT&T’s strategic plans. Those qualities in our new CEO are important for our future and essential during these challenging economic times.
“Leadership succession is one of the Board’s most important responsibilities,” Mooney said in a statement. “After an extensive evaluation, it was clear that John Stankey was the right person to lead AT&T into the future.”
Stankey, 57, has served as president and COO since October 2019. He joined AT&T in 1985 and has more than 30 years of accomplished leadership spanning nearly every area of AT&T’s business, from corporate strategy and technology, to operations and media and entertainment. 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.
Stephenson said in a statement, “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.”
Matt Rose, AT&T’s independent Lead Director, said in a statement, “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.”
“I’m honored to be elected the next CEO of AT&T, a company with a rich history and a bright future,” said Stankeyin a statement. “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.”
Later this year, AT&T’s Board will elect an independent director to chair the Board of Directors when Stephenson retires as executive chairman in January 2021.
Source: AT&T Inc.
MacDailyNews Take: Randall Stephenson on doing the exclusive deal with Steve Jobs for the iPhone:
I remember asking the question: Are we investing in a business model, are we investing in a product or are we investing in Steve Jobs? The answer to the question was, you’re investing in Steve Jobs. Let’s go after this thing. And we went after it, and the rest is history. – Randall Stephenson