AT&T CFO Stepping Down, to Be Replaced by WarnerMedia Executive
AT&T (NYSE: T) is promoting from within its own ranks to fill an important C-suite position. The telecom giant announced Tuesday that its CFO John Stephens is retiring, effective at the end of this coming March. His replacement will be Pascal Desroches, the current CFO of the sprawling company's key WarnerMedia subsidiary. His tenure begins on April 1.
Stephens is a 28-year veteran of the company; he was appointed its CFO in 2011. His departure will come less than one year after his former boss, Randall Stephenson, vacated his position as CEO. The announcement also closely follows the news that Stephenson is vacating his post as chairman of the company's board. He is being replaced by William Kennard, who begins his term in January.
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