William E. Kennard Named Chairman of AT&T’s Board of Directors

DALLAS--(BUSINESS WIRE)--The board of directors of AT&T Inc.* (NYSE:T) has selected William E. Kennard to serve as its chairman, effective January 2021, upon the retirement of Randall Stephenson, currently AT&T’s executive chairman of the board.

AT&T announced earlier this year its plan to elect an independent chairman when Mr. Stephenson retired from the board in January, after serving as chairman since 2007. This change continues AT&T’s commitment to strong corporate governance.

Mr. Kennard served as general counsel to the U.S. Federal Communications Commission from 1993 to 1997. In 1997, he was appointed FCC Chairman, a position he held until 2001. From 2009 to 2013, he served as the U.S. Ambassador to the European Union.

Kennard also has held positions with The Carlyle Group, a global asset management firm, at which he led investments in the telecommunications and media sectors, and the law firm of Verner, Liipfert, Bernhard, McPherson and Hand (now DLA Piper), where he was a partner and member of the board of directors.

“Bill’s deep knowledge of communications, media and technology, proven leadership and broad experience across capital markets and government uniquely positions him to serve as AT&T’s new chairman,” Stephenson said. “He is an outstanding choice to lead our board of talented directors who possess diverse expertise and experience.”

“It’s an honor to be selected to serve as chairman of AT&T’s board of directors,” Kennard said. “On behalf of the board, I want to thank Randall for his outstanding leadership and countless contributions as chairman. We wish him all the best. I look forward to working with our CEO and fellow board member John Stankey and the entire board to continue creating long-term value for all stakeholders – investors, customers, employees and the communities we serve.”

Mr. Kennard joined AT&T’s board of directors in 2014. He currently serves on the corporate governance and nominating committee and the public policy and corporate reputation committee.

Kennard serves on the boards of Duke Energy Corporation, Ford Motor Company and MetLife, Inc. He is also co-founder of Astra Capital Management, a private equity firm.

Kennard received his B.A. in Communications from Stanford University and earned his law degree from Yale Law School. He currently serves on the board of trustees of Yale University.

*About AT&T
AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. Xandr, now part of WarnerMedia, provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. © 2020 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.