AT&T CEO Randall Stephenson is retiring, and COO John Stankey will replace him

• Randall Stephenson is set to step down from his role as CEO of AT&T and retire.
• AT&T COO John Stankey will replace him effective July 1.
• Stephenson will serve as executive chairman of the board until January 2021.
• Visit Business Insider's homepage for more stories.

AT&T COO John Stankey will replace outgoing CEO Randall Stephenson effective July 1, the company said in a statement on Friday.

Stephenson, who is retiring, will serve as AT&T Executive Chairman of the Board until January 2021. Stankey will become a member of the company's board of directors on June 1.

Stankey currently serves as WarnerMedia's CEO, and will be replaced by Jason Kilar on May 1. WarnerMedia is owned by AT&T.

AT&T said it "engaged in an extensive five-month search process" of internal and external candidates for its next CEO.

Stankey, 57, has worked at AT&T since 1985, and has been president and COO of the company since October. He previously served as the company's chief strategy officer and chief technology officer.

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