Results Read-Across and Call Backs (Post #239): AT&T Announces CFO Succession + Additional Thoughts on Wireless Pricing

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Results Read-Across and Call Backs (Post #239): AT&T Announces CFO Succession + Additional Thoughts on Wireless Pricing

Off the Cuff |

16 Jun 2026 18:10:52 ET │ 10 pages

Results Read-Across and Call Backs (Post #239)

AT&T Announces CFO Succession + Additional Thoughts on Wireless

Pricing

Pascal Desroches, Senior Executive Vice President and Chief Financial Officer of

AT&T Inc, announced he will retire on December 31, 2026. Jennifer Biry has been

appointed Deputy Chief Financial Officer, effective July 6, 2026, and will succeed Mr.

Desroches at year-end. Jennifer Biry previously served as CFO and COO of McAfee

since 2022 and held various senior finance, sales, and strategy roles at AT&T in the Michael Rollins, CFAAC

past, including EVP and CFO of WarnerMedia from 2020 to 2022. While unexpected, +1-212-816-1116

we learned during our conversation with the IR team that Mr. Desroches’s retirement michael.rollins@citi.com

was part of a planned process and designed to provide a smooth handoff to his

successor. While guidance was not reaffirmed in the release, we believe AT&T’s

financial objectives for 2026 and its multi-year guide remain unchanged. Mr

Desroches's tenure included a significant enhancement in AT&T’s strategy and core

financial performance, while improving the balance sheet and disclosures. We view

this as a natural leadership transition, and our Buy-rated thesis on AT&T is

unchanged.

Taking a step back, we believe the market had been concerned on potentially

negative consequences at the category level from Verizon’s anticipated rate plan

refresh. While today’s announcement offers mixed implications at the category level

(see our note for more details), we find the decision to migrate phones back to a no-