AT&T named the finance chief of its WarnerMedia unit Pascal Desroches as the replacement for CFO John Stephens (pictured), who is set to retire at end-March 2021 after nearly three decades with the company.
Desroches will assume his new role on 1 April 2021, and will serve as SEVP of finance in the meantime.
He previously held positions as SVP and global controller at Time Warner prior to its acquisition by AT&T in 2018, and EVP and CFO of Time Warner subsidiary Turner Broadcasting.
AT&T CEO John Stankey in a statement thanked Stephens for his “tireless dedication and many significant contributions to AT&T over the years”, adding Desroches will bring “deep and broad experience” spanning media, telecom, corporate finance, public accounting and regulatory compliance.
Stephens joined AT&T in 1992 and became CFO in June 2011.
The change comes as AT&T forges ahead with a multi-year cost-reduction campaign spurred by activist investor Elliott Management, aiming to slash debt by selling off non-core assets and lowering network, staffing and corporate expenses.
Elliott Management this week revealed it offloaded its stake during Q3.Subscribe to our daily newsletter Back