AT&T CFO plans retirement - Mobile World Live

AT&T CFO plans retirement

18 NOV 2020

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.

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Diana Goovaerts

Diana is Mobile World Live's US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana came to GSMA from her former role as Editor of Wireless Week and CED Magazine, digital-only...

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