Randall Stephenson, chairman and chief executive officer of AT&T Inc.
Andrew Harrer | Bloomberg | Getty Images
AT&T announced CEO Randall Stephenson will step down. President and COO John Stankey will take over the position on July 1.
Stephenson said in February that he would remain CEO for the rest of the year, though he refused to project beyond that date. He will remain executive chairman of the board until January 2021.
Elliott Management, the activist investment firm that pushed for executive changes at AT&T said it “supports” Stankey as the company’s next CEO.
“We have been engaged with the company throughout the search process, which was a robust one, including a range of highly qualified outside candidates and overseen by independent directors,” the firm said in a statement.
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