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Randall Stephenson, AT&T’s former chairman and CEO, has made good on his retirement from the telco giant, but with a one-year consultancy agreement in hand as he leaves the company’s boardroom.
On Monday, AT&T in an SEC filing said Stephenson on Jan. 19 stepped down as executive chairman of the board of directors at AT&T, a move that was previously flagged to investors. But he retires after 38 years with the company, and after John Stankey took the top job as president and CEO at AT&T, with a one year consultancy agreement in hand.
In connection with Stephenson’s retirement, AT&T has entered into a one-year consulting services agreement, dated Jan. 20, 2021, AT&T added in the regulatory filing. For his consulting services, Stephenson will be paid $1 million.
In July 2020, when AT&T outlined its succession plans that included Stankey taking the helm, the telco giant said Stephenson would remain in the executive chairman post until January 2021.
Stankey taking the CEO post and moving AT&T into the streaming space with HBO Max completed a succession at AT&T that began with its board of directors in 2017.
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