AT&T is all set to welcome a new CEO in John Stankey, after the company announced retirement of current CEO Randall Stephenson. The former CEO will still hold the title of Executive Chairman of the Board until January 2021, while the company searches for a replacement.

Randall has been at the company for 13 years, and will now enjoy his retirement years after serving as the CEO and Chairman of the company. John Stankey, who is the current President and Chief Operating Officer of AT&T will fill in his shoes, from July 1st, 2020. However, he will assume the role of a member of the Board of Directors from June 1st itself.

That still leaves the Executive Chairman seat empty, which will be filled after an independent director is selected to chair the position, later this year. Until then, Randall will remain at the company, to ensure a smooth transition in leadership.

Stephenson said, “I congratulate John, and I look forward to partnering with him as the leadership team moves forward on our strategic initiatives while navigating the difficult economic and health challenges currently facing our country and the world. John has the right experiences and skills, and the unflinching determination every CEO needs to act on his convictions. He has a terrific leadership team onboard to ensure AT&T remains strong and continues to deliver for customers and shareholders for years to come.”

Stankey has been with the company from 1985, and took on the mantle of COO last year. During his journey, he has served in “corporate strategy and technology, to operations and media and entertainment,” says the company. Other landmarks on Stankey’s portfolio are: CEO of WarnerMedia; CEO of AT&T Entertainment Group; Chief Strategy Officer; Chief Technology Officer; CEO of AT&T Operations; and CEO of AT&T Business Solutions.

“I’m honored to be elected the next CEO of AT&T, a company with a rich history and a bright future,” said Stankey. “My thanks go to Randall for his vision and outstanding leadership during a period of tremendous change and investment in the core capabilities needed to position AT&T well for the years ahead. And I appreciate the Board’s confidence in me leading the company during our next chapter of growth and innovation in keeping people connected, informed and entertained.

The company is going through a crucial phase, with the launch of HBO Max streaming service right around the corner. At a time like this, especially considering the rise in demand for streaming services that has come from COVID 19, it will be interesting to see how this decision bodes for the company.