John Stankey

Last updated

John Stankey
Born1962 (age 61–62)
Education
Occupation CEO of AT&T
Known forAT&T's acquisitions of DirecTV and Time Warner

John T. Stankey (born 1962) is an American businessman who is the CEO of AT&T [1] [2] He previously was AT&T's president and COO and before that CEO of WarnerMedia. [3] [2] [4] Stankey led AT&T's acquisition of DirecTV and Time Warner in 2015 and 2018, respectively. [5] [6] He assumed the CEO role of AT&T in July 2020, succeeding Randall L. Stephenson.

Contents

Early life and education

Stankey was raised in Los Angeles, the youngest of three children. [7] His father was an insurance underwriter and his mother a housewife. [7]

Stankey received a Bachelor of Business Administration with a major in finance from Loyola Marymount University in Los Angeles in 1985. [8] [9] He received a Master of Business Administration from the University of California, Los Angeles in 1991. [7] [5]

Career

In 1985, Stankey took an entry-level position with Pacific Bell. [2] [7] [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 became the Executive President of Industry Markets in 2000. [10] In 2001 Stankey became the President and CEO of 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]

Stankey took a seat on the board of directors for UPS in 2014 (a position he would hold until 2020). [13]

In 2018, Stankey was named CEO of WarnerMedia [14] which owns various media and film corporations, including Warner Bros., HBO, Turner Broadcasting System, and CNN. [15] On October 1, 2019, Stankey became the COO of AT&T while continuing to serve as the CEO of WarnerMedia. [16]

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. [17] On July 1, 2020, Stankey replaced Randall L. Stephenson as CEO of AT&T Inc. [18] [19]

In February 2021, Stankey oversaw the sale of a third of AT&T's stake in DirecTV to TPG Capital for $16.25 billion. [20] AT&T had paid 48 billion ($67 billion including debt) to purchase DirecTV in 2015. [21] Stankey also oversaw WarnerMedia's sale to Discovery Inc. in May 2021, for $43 billion in cash, plus an estimated $59 billion in Discovery, Inc. stock. [22] AT&T had paid $85 billion for WarnerMedia in 2018. [23]

On April 30, 2021, AT&T announced that a nonbinding shareholder vote had rejected AT&T's executive compensation proposal by a slight majority. [24] This came after reports that AT&T had "lost [US]$5.4 billion and cut thousands of jobs". [25]

Compensation

Stankey received $22.5 million in compensation during the 2019 fiscal year, and $21 million during the following year. [25]

In 2023, Stankey's total compensation from AT&T was $25.7 million, representing a CEO-to-median worker pay ratio of 193-to-1. [26]

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References

  1. ↑ Lee, Edmund (April 24, 2020). "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire" . The New York Times . 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.
  2. 1 2 3 James, Meg (April 24, 2020). "AT&T names John Stankey CEO as Randall Stephenson retires". Los Angeles Times . Retrieved January 15, 2021. He will join AT&T's board in June.
  3. ↑ Lee, Edmund (April 24, 2020). "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire" . The New York Times . 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."
  4. ↑ Lee, Edmund (April 24, 2020). "AT&T Names John Stankey C.E.O. as Randall Stephenson Plans to Retire" . The New York Times . 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.
  5. 1 2 "Leadership". AT&T Investors. Retrieved March 6, 2019.
  6. ↑ Cohan, William D. (March 5, 2019). ""The AT&T Guys, at the End of the Day, Are Bean Counters": With Plepler Out of HBO, Wall Street Scrutinizes the Logic of AT&T's Monster Reorg" . Vanity Fair. Archived from the original on July 5, 2019. Retrieved March 8, 2019.
  7. 1 2 3 4 James, Meg (September 7, 2017). "AT&T's John Stankey hopes to avoid a disconnect in merger with Time Warner". Los Angeles Times .
  8. ↑ University, Loyola Marymount. "John and Shari Stankey Gift - Loyola Marymount University". Loyola Marymount University . Retrieved March 27, 2023.
  9. ↑ "The Path Forward: Bridging the Broadband Gap with AT&T CEO John Stankey". The Washington Post . ISSN   0190-8286 . Retrieved May 13, 2021.
  10. 1 2 3 4 Bloomberg (March 9, 2019). "Executive Profile: John T. Stankey". Bloomberg.
  11. ↑ Landler, Mark (April 2, 1996). "2 BELL COMPANIES AGREE TO MERGER WORTH $17 BILLION". The New York Times. ISSN   0362-4331 . Retrieved May 13, 2021.
  12. ↑ "New AT&T Launches" (Press release). AT&T. November 18, 2005. Archived from the original on October 11, 2007. Retrieved September 29, 2007.
  13. ↑ Weprin, Alex (November 3, 2020). "AT&T CEO John Stankey Steps Down From Board of UPS". The Hollywood Reporter. Retrieved May 13, 2021.
  14. ↑ Stelter, Brian (June 15, 2018). "Time Warner's new name: WarnerMedia". CNNMoney. Retrieved May 13, 2021.
  15. ↑ Flint, Joe (March 4, 2019). "AT&T Breaks Up Turner, Bulks Up Warner Bros. in Major WarnerMedia Overhaul". The Wall Street Journal .
  16. ↑ "WarnerMedia CEO John Stankey becomes COO of AT&T". TechCrunch. September 3, 2019. Retrieved September 3, 2019.
  17. ↑ Lee, Edmund; Koblin, John (April 2020). "Warner Media Shake-Up: Jason Kilar Replaces John Stankey as Chief Executive". The New York Times. Retrieved April 1, 2020.
  18. ↑ "AT&T CEO Randall Stephenson to step down, COO Stankey to take over". CNBC . April 24, 2020.
  19. ↑ "AT&T CEO Randall Stephenson to step down July 1, to be succeeded by current COO Stankey". USA TODAY. Retrieved May 13, 2021.
  20. ↑ "AT&T's DirecTV to become standalone video business". Reuters. August 2, 2021. Retrieved December 13, 2021. AT&T in February agreed to sell about a third of its stake in DirecTV to TPG Capital in a deal that valued the business at $16.25 billion, well below the $68 billion AT&T had paid for the asset less than six years ago.
  21. ↑ Goldsmith, Jill (February 26, 2021). "WarnerMedia Parent AT&T Sells DirecTV Stake To Private Equity Firm TPG". Deadline. Retrieved December 13, 2021. AT&T CEO John Stankey admitted, "We certainly didn't expect this" in 2015 when the telco giant acquired DirecTV for $48 billion (or $67 billion including debt).
  22. ↑ Lynch, David J. (May 22, 2021). "Analysis : AT&T's ill-fated media play cost it both time and money" . Washington Post. Retrieved December 13, 2021. Based on Discovery's stock price on May 14, the day before the transaction was disclosed, those shares would be worth $59 billion. AT&T will get $43 billion in cash, securities and WarnerMedia's agreement to retain $1.5 billion of its debt.
  23. ↑ Robins, Anjali (June 15, 2018). "Time Warner is changing its name to WarnerMedia, and the CEO of Turner is leaving". CNBC. Retrieved December 13, 2021. Time Warner is changing its name to WarnerMedia now that its $85 billion deal with AT&T has closed.
  24. ↑ Gryta, Thomas; Francis, Theo & FitzGerald, Drew (May 4, 2021). "General Electric, AT&T Investors Reject CEO Pay Plans". Wall Street Journal . Retrieved November 22, 2022.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  25. 1 2 Gelles, David (April 24, 2021). "C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic". The New York Times . ISSN   0362-4331 . Retrieved November 22, 2022. AT&T, the media conglomerate, lost $5.4 billion and cut thousands of jobs throughout the year. John Stankey, the chief executive, received $21 million for his work in 2020, down from $22.5 million in 2019. Note, this quote presents in its entirety, the content of this article with regard to Mr. Stankey.
  26. ↑ Anderson, Mae; Harloff, Paul; Ortutay, Barbara (June 3, 2024). "CEOs made nearly 200 times what their workers got paid last year". AP News . Archived from the original on September 3, 2024. Retrieved September 4, 2024.
Business positions
Preceded by WarnerMedia CEO
2018–2020		Succeeded by
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