AT&T CEO Randall Stephenson answered the challenge of activist investor Elliott Management saying newly named operating chief John Stankey was the right pick to succeed him
By Drew FitzGerald Updated Sept. 17, 2019 9:05 am ET AT&T Inc. T -1.58% Chief Executive Randall Stephenson defended his strategy and likely successor in his first public remarks since an activist hedge fund challenged the company to change direction.
The AT&T CEO’s response came a week after hedge fund Elliott Management Corp. revealed a small stake in the telecom giant and called on the company to consider shedding several of the businesses it took on during a five-year acquisition spree. The activist investor saved special criticism for AT&T’s purchase and integration of satellite provider DirecTV, which has been losing subscribers.
“The board hasn’t informed me I’m retiring yet,” Mr. Stephenson said, adding that Mr. Stankey is “in pretty good position” to take the top job if he does well in the new post. “This is going to be different,” Mr. Stephenson said. “This is not Netflix. This is not Disney . This is not Hulu.”
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