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AT&T CEO's rumored exit reportedly triggered activist hedge fund Elliott Management's recent investment (T)

AT&T CEO's rumored exit reportedly triggered activist hedge fund Elliott Management's recent investment (T)
Brendan McDermid/Reuters



Activist hedge fund Elliott Management reportedly pursued its recent investment in AT&T after catching wind that CEO Randall Stephenson was making plans to leave the firm.




According to a new report from the Wall Street Journal, Elliott's head of US Equity Activism Jesse Cohn told other investors that the firm wants a say in who will lead the telecommunications giant when Stephenson steps down.




The fund decided to go public with its investment after AT&T promoted John Stankey to president and chief operating officer, the WSJ reported.




Elliott unveiled its $3.2 billion stake in AT&T last week with a 23-page report expressing concerns about the company's leadership and past acquisitions of Time Warner and DirecTV.




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AT&T CEO Randall Stephenson's rumored departure from the firm reportedly triggered activist hedge fund Elliott Management's interest in the company.
Jesse Cohn, Elliott's head of US equity activism, told other investors the hedge fund wants a say in who will run the $270 billion telecommunications giant when Stephenson steps down, according to a new report from the Wall Street Journal.
Cohn called Stephenson last Sunday just before Elliott released a 23-page report detailing concerns over AT&T's leadership and previous purchases of Time Warner and DirecTV, the WSJ found.
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