AT&T to add new directors and sell assets next year, bowing to activist pressure

The company also said that it expects Randall Stephenson to remain chief executive officer through at least 2020.However, in a letter to shareholders supporting the plan, Elliott Management said AT&T would evaluate all potential CEO candidates and separate the role of Chairman and CEO.

“We commend AT&T for the positive steps announced today, which will create substantial and enduring shareholder value at one of America’s greatest companies,” Elliott said in a statement. To reduce its debt pile of $158 billion as of June 30, AT&T has been on a selling spree and has recently sold its assets in Puerto Rico to Liberty Latin America for $1.95 billion.

The company expects generate $14 billion through asset sales and other initiatives by the end of this year. It reduced its net debt by $12.7 billion so far this year. Total operating revenue in the third quarter ended Sept. 30 fell to $44.59 billion from $45.74 billion, a year earlier. Analysts were expecting about $45 billion, according to IBES data from Refinitiv..

Source: News Formal (newsformal.com)

globebusiness CNN ? lol

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