AT&T CEO retiring as telco plans for three years of cost cuts and layoffs

Enlarge / AT&T CEO Randall Stephenson speaking at an investor event at Warner Bros. Studios on October 29, 2019 in Burbank, California. (credit: Getty Images | Presley Ann)

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.

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