Friday heralded a massive change in the AT&T conglomerate as CEO Randall Stephenson decided to step down, only to be replaced by COO John Stankey on the first of July. This news is surprising because Stankey was supposed to be replacing Stephenson months later.
Back in February, Stephenson had announced that he would be the CEO for the rest of the year. The 60-year-old had decided to switch roles after that. Nevertheless, he would still be on the Board of Chairmen till January next year. All that seems to have changed.
Elliott Management had always been skeptical about selecting Stephenson as the CEO and had been grooming Stankey for quite some time now. It can be assumed that they are pretty elated by this new development.
“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,” Elliott partner Jesse Cohn said in a statement.