AT&T announces John Stankey will become CEO on July 1

Veteran John Stankey will take over as AT&T chief executive officer, the company announced on Friday, as the U.S. telecommunications and media giant grapples with the impact of the coronavirus outbreak and its entrance into the global streaming wars.

Stankey will take over on July 1. Randall Stephenson, AT&T’s current CEO, said Friday he will retire, but will serve as executive chairman of the board until January 2021.

The announcement was made during AT&T’s virtual annual meeting.