AT&T Reportedly Plans Major Organizational Changes

(RTTNews) - AT&T Inc. (T) is planning major organizational changes to follow the $85.4 billion acquisition of Time Warner Inc., including a redefined role for Chief Executive Officer Randall Stephenson, as the telecommunications giant morphs into a media company, the Bloomberg reported citing people familiar with the matter.

Stephenson will drop the CEO title he has held for 10 years and become executive chairman, overseeing a pair of CEOs who will independently manage the company's telecommunications and media businesses. While Stephenson, 57, won't be CEO anymore, he will still be the top executive of the company, focused on charting the company's new course as a media powerhouse, the report said.

John Stankey, who now leads DirecTV and other entertainment businesses, will be CEO of the media division, including Time Warner. DirecTV will become part of a unit that includes AT&T's traditional phone businesses, to be run by John Donovan, who will be promoted from strategy chief to CEO, the report said.