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 [1], 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 [2] and lowering network, staffing and corporate expenses [3].
Elliott Management this week revealed it offloaded its stake during Q3 [4].
[1] https://www.mobileworldlive.com/featured-content/home-banner/att-closes-blockbuster-time-warner-deal
[2] https://www.mobileworldlive.com/featured-content/home-banner/att-lays-out-strategy-following-investor-criticism
[3] https://www.mobileworldlive.com/featured-content/top-three/att-refocuses-cost-reduction-targets
[4] https://www.mobileworldlive.com/featured-content/top-three/activist-investor-offloads-att-stake
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