AT&T announced today that chairman and CEO Ed Whitacre will retire in early June, with COO Randall Stephenson as his successor. Whitacre, the longest-running telecom top exec, became CEO of what was then Southwestern Bell — the smallest of the Baby Bells — in 1990, transforming the company ithrough a series of acquisitions and mergers into what AT&T calls the “the world’s largest communications company.” Stephenson is credited for integrating the companies in what the new AT&T. Within weeks of his promotion, he’ll have to deal with what is at once one of the company’s greatest marketing coups and challenges — the exclusive launch of Apple’s iPhone. Release.
Staci adds: Whitacre’s retirement package has been super-sized, too. His payout is $158.6 million, including deferred income. WaPo is among those with the details. He could add another $106 million or so in shares that haven’t vested; he also gets three years at $1 million per for consulting.
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