John Stankey

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John Stankey
Born
John T. Stankey
NationalityAmerican
Alma materLoyola Marymount University (BBA)[1][2]
UCLA Anderson School of Management (MBA)[3]
OccupationCEO of AT&T[4]
Known forAT&T's acquisitions of DirecTV and Time Warner

John T. Stankey (born 1962) is an American businessman currently serving as CEO of AT&T Inc.[5] and as a member of AT&T Inc.’s board of directors.[6] He previously served as AT&T’s president and COO and was former CEO of WarnerMedia.[7][6][8] Stankey led AT&T's acquisition of DirecTV and Time Warner in 2015 and 2018, respectively.[3][9] He assumed the CEO role of AT&T effective July 1, 2020, succeeding Randall L. Stephenson.

Early life and education[]

Stankey was raised in Los Angeles, the youngest of three children.[1] His father was an insurance underwriter and his mother a housewife.[1] In the 1980s, he graduated with a B.B.A. in Finance from Loyola Marymount University.[1][2] In 1991, he earned an M.B.A. from UCLA.[1]

Career[]

In 1985, Stankey took an entry-level position with Pacific Bell.[6][1][10] which was acquired by SBC Communications in 1996.[11] Stankey went on to serve as the Executive Vice President of Industry Markets beginning in 1998 becoming the Executive President of Industry Markets in 2000.[10] In 2001 Stankey became the President and CEO for SBC Southwest.[10] Stankey served as CIO of the "new AT&T" after the merger of SBC with AT&T Corporation finalized in 2005,[12] becoming the senior executive vice president and CTO for AT&T from 2008 to 2012, Stankey held various senior executive positions within the company and in January 2012, Stankey became the CSO and group president of AT&T.[10]

In 2015, Stankey became the CEO of AT&T Entertainment Group (AEG), taking control of the newly acquired DIRECTV business. Stankey then assumed control of the newly acquired Time Warner company (acquired by AT&T in 2018), which was quickly renamed WarnerMedia (WM). He earned $22.5 million from AT&T in 2019 and $21 million in 2020; in 2020 alone AT&T lost $5.4 billion and cut tens of thousands of jobs, while in the period between 2015 (when Stankey assumed control of DIRECTV and the AT&T Entertainment Group) and 2021 AT&T laid off over 42,000 workers in the USA.[13][14] In 2021 Stankey oversaw selling both DTV and WM at a substantial loss.

Stankey served on the board of directors for UPS from 2014 until 2020.[15]

In 2018, Stankey was named CEO of WarnerMedia[16] which owns various media and film corporations, including Warner Bros., HBO, Turner Broadcasting System, and CNN.[17] Immediately upon assuming control Stankey drove out creative personnel and initiated regular layoffs among WM personnel.[citation needed]

On October 1, 2019, Stankey became the COO of AT&T while continuing to serve as the CEO of WarnerMedia.[18]

On April 1, 2020, AT&T announced that Stankey would be stepping down as CEO of WarnerMedia. Former Hulu CEO Jason Kilar assumed the role effective May 1, 2020, reporting to Stankey.[19] On July 1, 2020, Stankey replaced Randall L. Stephenson as CEO of AT&T Inc.[4][20]

On April 30, 2021, AT&T announced that a nonbinding shareholder vote had rejected AT&T's executive compensation proposal by a slight majority.[21] This was after several AT&T executives, including Stankey and Jason Kilar, gained significant stock awards in 2020 despite the COVID-19 pandemic, massive layoffs, poor service and subscriber results, continued subscriber losses, and middling stock returns.[22] The vote represents an example of a recent trend of shareholders and the general public growing tired of the seemingly inexorable recent obscene growth in CEO pay despite clear and obvious mismanagement and failure that has continued through economic downturn and even downturn in company performance.[23]

References[]

  1. ^ Jump up to: a b c d e f James, Meg (September 7, 2017). "AT&T's John Stankey hopes to avoid a disconnect in merger with Time Warner". Los Angeles Times.
  2. ^ Jump up to: a b "The Path Forward: Bridging the Broadband Gap with AT&T CEO John Stankey". Washington Post. ISSN 0190-8286. Retrieved 2021-05-13.
  3. ^ Jump up to: a b "AT&T Leadership". Retrieved March 6, 2019.
  4. ^ Jump up to: a b "AT&T CEO Randall Stephenson to step down, COO Stankey to take over". CNBC. April 24, 2020.
  5. ^ "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire". The New York Times. April 24, 2020. Retrieved January 15, 2021. AT&T, the telecommunications giant that has moved into media and entertainment, announced a changing of the guard on Friday. John Stankey, a veteran of the company, will become its new chief executive starting July 1. He will take the reins from Randall L.Stephenson, who has led AT&T since 2007.
  6. ^ Jump up to: a b c "AT&T names John Stankey CEO as Randall Stephenson retires". Los Angeles Times. April 24, 2020. Retrieved January 15, 2021. He will join AT&T’s board in June.
  7. ^ "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire". The New York Times. April 24, 2020. Retrieved January 19, 2021. After he was named chief operating officer and president in October, the hedge fund noted with disapproval that Mr. Stankey “would now also be responsible for an additional $145 billion of revenue as the president and C.O.O. of the entire company.”
  8. ^ "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire". The New York Times. April 24, 2020. Retrieved January 19, 2021. In his 20 months at the WarnerMedia helm, Mr. Stankey refashioned the division to focus on streaming and dissolved the borders between the conglomerate’s separate units.
  9. ^ Cohan, William D. "What's Next for HBO?: With Plepler Out, Wall Street Scrutinizes AT&T's Reorg". The Hive. Retrieved 2019-03-08.
  10. ^ Jump up to: a b c d Bloomberg (March 9, 2019). "Executive Profile: John T. Stankey". Bloomberg.
  11. ^ Landler, Mark (1996-04-02). "2 BELL COMPANIES AGREE TO MERGER WORTH $17 BILLION". The New York Times. ISSN 0362-4331. Retrieved 2021-05-13.
  12. ^ "New AT&T Launches" (Press release). AT&T. November 18, 2005. Archived from the original on 11 October 2007. Retrieved September 29, 2007.
  13. ^ Gelles, David (2021-04-24). "C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic". The New York Times. ISSN 0362-4331. Retrieved 2021-04-25.
  14. ^ Sainato, Michael (2021-03-30). "AT&T said Trump's tax cut would create jobs – now it's laying off thousands of workers". the Guardian. Retrieved 15 June 2021.
  15. ^ Weprin, Alex (2020-11-03). "AT&T CEO John Stankey Steps Down From Board of UPS". The Hollywood Reporter. Retrieved 2021-05-13.
  16. ^ Stelter, Brian (2018-06-15). "Time Warner's new name: WarnerMedia". CNNMoney. Retrieved 2021-05-13.
  17. ^ Flint, Joe (March 4, 2019). "AT&T Breaks Up Turner, Bulks Up Warner Bros. in Major WarnerMedia Overhaul". The Wall Street Journal.
  18. ^ "WarnerMedia CEO John Stankey becomes COO of AT&T". TechCrunch. Retrieved 2019-09-03.
  19. ^ "Warner Media Shake-Up: Jason Kilar Replaces John Stankey as Chief Executive". New York Times. Retrieved 2020-04-01.
  20. ^ "AT&T CEO Randall Stephenson to step down July 1, to be succeeded by current COO Stankey". USA TODAY. Retrieved 2021-05-13.
  21. ^ "General Electric, AT&T Investors Reject CEO Pay Plans". Wall Street Journal. Retrieved 2020-05-13.
  22. ^ "C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic". The New York Times. Retrieved 2021-05-15.
  23. ^ "Will shareholders halt the inexorable rise of CEO pay?". The Economist. Retrieved 2021-05-15.
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