AT&T CFO John Stephens to retire after more than 11 years in the role

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AT&T Inc. said Tuesday that Chief Financial Officer John Stephens announced plans to retire in March 2021, after more than nine years in the role and 28 years with the company. AT&T’s stock rose 0.2% in midday trading, while the S&P 500 fell 0.4%. Stephens was named CFO in June 2011. The company has named Pascal Desroches, currently the CFO of the media, telecommunications and entertainment company’s WarnerMedia unit, as Stephens’ successor. Prior to serving as CFO of WarnerMedia, Desroches was CFO at Turner and global controller at Time Warner Inc. AT&T’s stock has shed 25.7% year to date, while the SPDR Communication Services Select Sector ETF has climbed 20.1% and the S&P 500 has advanced 11.8%.
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