AT&T names WarnerMedia’s John Stankey as next in line to the CEO

AT&T Inc. named media honcho John Stankey to the new position of president and chief operating officer, establishing a clear No. 2 to Chief Executive Officer Randall Stephenson.

The company also said that technology chief Jeff McElfresh, 48, will become CEO of AT&T Communications, filling a post vacated last week when John Donovan abruptly stepped down.

With the $85 billion purchase of Time Warner, AT&T effectively created two No. 2 executives under Stephenson: Stankey led the media businesses, while Donovan oversaw the phone and technology divisions. That arrangement gets eliminated with the changes announced Tuesday.

McElfresh will lead AT&T’s largest business as head of the communications division. But he’ll report to Stankey, 56, as will the executives who lead WarnerMedia and Brian Lesser, head of the Xandr advertising business.

—Bloomberg News