Longtime AT&T chief Whitacre will retire
SAN ANTONIO -- AT&T Inc. chief Edward E. Whitacre Jr. said yesterday he will retire in June after building the largest US telecommunications service provider through seven large acquisitions over the past decade.
Chief operating officer Randall Stephenson will succeed Whitacre as both chief executive and chairman. He takes the helm of AT&T as it branches into new areas, such as video, to fight back against cable companies and keep consumers loyal as they ditch home phones for cell phones.
Texas-born Whitacre, 65, disclosed his retirement at an annual shareholders meeting in San Antonio, finishing his career as the telecommunications industry's most well-known deal maker and longest-serving CEO.
"There would never be an easy time for me to leave this job. This job has meant so much to me, but now is the right time to step aside," said Whitacre, adding that June 3, his retirement date, will mark his 44th anniversary at AT&T.
He has been chairman and CEO since 1990, when the company was Southwestern Bell, then the smallest of the so-called "Baby Bells." 