AT&T's Stephenson to step down

AT&T said Friday that Randall Stephenson was stepping down as chief executive after 13 years leading the telecom giant and engineering the contested takeover of entertainment powerhouse Time Warner.

Stephenson will be replaced as CEO on July 1 by John Stankey, currently president and chief operating officer of the group known for its wireless and broadband operations.

The move culminates a succession process begun in 2017 and a five-month search process, the company said in a statement.