Overview
- AT&T disclosed in mid-June that Pascal Desroches will retire effective December 31, 2026, and that Jennifer Biry will assume the CFO role in 2027.
- The SEC filing and succession plan pushed shares down to the low-$22 area and a new 52-week low as a May technical 'death cross' kept selling pressure on the stock.
- Biry is a long-time AT&T finance executive who has served as CFO of McAfee and of WarnerMedia, and the company has arranged a multi-month transition to limit disruption.
- Analysts say the next CFO will face a tight tradeoff because recent quarterly free cash flow was modest while large debt levels and continued capital spending for 5G and fiber leave little extra flexibility.
- Near-term risk factors to watch include a July 1 FCC public-comment deadline on AT&T’s Section 214 filing to retire legacy voice services and aggressive competitor moves from Verizon that could affect costs and subscriber trends.