AT&T’s Stephenson to Retire as CEO, Be Succeeded by Stankey; Telco Splits Chair-Chief Roles

AT&T's Randall Stephenson is retiring as CEO. The 60-year-old who has been chief for 13 years will become executive chairman until January; he had been CEO-chair. The board elected Chief Operating Officer-President John Stankey, 57, as CEO effective July 1, and a director on June 1.

The telco will split the CEO and chair roles, it announced Friday. The board will elect an independent director as chair when Stephenson retires as executive chairman in January.

Shareholder Elliott Management has criticized AT&T. Elliott didn't comment now, and AT&T didn't comment on whether the change was made to address these or other concerns.