JUST IN: Randall Stephenson will step down as AT&T CEO on July 1. President and COO John Stankey will take over the position.
"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.
Stankey takes over AT&T as the company is navigating the Covid-19 pandemic while juggling debt, a bleeding subscriber base for DirecTV and the streaming wars. In theThe company is preparing to beef up its offerings for cord-cutters as consumers are spending large chunks of time streaming content while under stay-at-home orders.and be free for AT&T subscribers.
AT&T's heavy spending on acquisitions of DirecTV and Time Warner have landed it into about $200 billion in debt. Elliott criticized the moves when it took a
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