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NSTAC Vice Chair Becomes AT&T Chairman and CEO

Arlington VA, January 8, 2007 - Randall L. Stephenson, Vice Chairman of the President’s National Security Telecommunications Advisory Committee (NSTAC) assumed duties as AT&T’s Chairman and Chief Executive Officer today, succeeding Edward E. Whitacre Jr.

According to an AT&T release, the company’s board of directors chose Stephenson, who had held the position of chief operating officer. During his as chief operating officer (COO), AT&T said the company has outperformed its peers in nearly every category. He also helped lead AT&T's very successful integration of several major acquisitions over the past few years.

Randall L. Stephenson

Randall L. Stephenson, the Vice Chair of the President’s National Security Telecommunications Advisory Committee (NSTAC), became Chairman and Chief Executive Officer of AT&T on June 3. Stephenson replaces Edward E. Whitacre. (Photo courtesy of AT&T.)

"I have had the extraordinary privilege to lead this company for 17 years,” said Whitacre, “and I leave with complete confidence in the future of our great company," said Whitacre. "Randall Stephenson is an exceptional leader. He has a deep understanding of this business and a clear sense of where it should go."

Born in Oklahoma City, Stephenson began his career with Southwestern Bell Telephone in 1982 in the information technology organization in Oklahoma. He then progressed through a series of leadership positions in finance, including an international assignment in Mexico City, and in 1996 was named controller for SBC Communications. Additionally, Mr. Stephenson has served as senior vice president-Performance Assurance and senior vice president-Consumer Marketing.

Before becoming COO, Mr. Stephenson was senior executive vice president and chief financial officer for SBC, during which time the company reduced its net debt from $30 billion to near zero by early 2004, positioning the company to make strategic acquisitions of AT&T Wireless, AT&T Corp. and BellSouth. In 2005 Mr. Stephenson was appointed to the new AT&T's board of directors. Additionally, he served on the Cingular Wireless board of directors from 2001 to 2006, and as chairman in 2003 – 2004. Stephenson is also a member of the board of directors of Emerson.

Whitacre, a former NSTAC principal, was the longest-serving CEO in the telecommunications industry, and one of the longest-serving in the Fortune 500, according to the AT&T release. He has been Chairman and CEO since 1990, when the company was Southwestern Bell, then the smallest of the so-called "Baby Bells." During his tenure, Whitacre led a dramatic transformation of the company into the new AT&T, the world's largest communications company, re-shaping the telecommunications landscape in the process.

"Ed Whitacre is an extraordinary leader. His vision, boldness and tireless commitment have helped transform the industry and make AT&T what it is today -- a global leader," said Stephenson.

"We have great momentum, a great foundation for growth and an experienced management team with a track record of delivering strong results," said Stephenson. "Our focus will not change. We're dedicated to the same vision, strategy and focus on growing and improving the business, and giving customers great products and services, that have made AT&T a leader in nearly every segment of the industry. We're confident in our direction and our ability to execute for our customers and shareowners."

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Reviewed June 04, 2007