AT&T CEO retiring as telco plans for three years of cost cuts and layoffs
AT&T executive John Stankey will take over from Randall Stephenson on July 1. …
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AT&T CEO Randall Stephenson is retiring at the end of June and handing the reins to executive John Stankey, who will lead the telco through a multi-year cost-cutting program. Stankey, the company president and COO, will become CEO on July 1, AT&T announced today. Stephenson “will serve as Executive Chairman of the Board of Directors until January 2021 to ensure a smooth leadership transition.”
Stephenson, 60, has been AT&T’s CEO since 2007; he began his AT&T career in 1982 with Southwestern Bell Telephone, a subsidiary.
“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,” today’s announcement said.
Stankey, 57, has been with AT&T since 1985 and has been president and COO since October 2019. He has recently taken on a more prominent role as part of succession planning. Last month, Stankey detailed a cost-cutting plan to “generate double digits of billions over a 3-year planning cycle.” That will include job cuts, which Stankey called “headcount rationalization.”
Stankey gave a lower savings number when talking to investors this week, saying, “We’re
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