Good morning. CFO turnover continues across the Fortune 500, and AT&T’s latest leadership transition is another sign of a changing generation of finance chiefs.
Desroches eloquently described a paradox that leading CFOs encounter in their careers, especially in times of uncertainty.
Before joining AT&T, he was EVP and CFO of WarnerMedia and administrative officer of Turner Broadcasting System Inc., and previously served as Turner’s CFO and as global controller of Time Warner.
Desroches’ tenure at AT&T coincided with one of the most consequential strategic resets in the company’s recent history. AT&T separated DirecTV, divested its media assets through the WarnerMedia-Discovery transaction, reduced debt, reset its dividend, and renewed its focus on telecommunications infrastructure. At the same time, the company increased investment in 5G and fiber while simplifying its balance sheet and cost structure.
One leadership lesson he frequently returned to involved creating an environment where difficult conversations are encouraged.
His successor arrives with a profile that increasingly resembles what boards are seeking in modern CFOs. Biry brings deep institutional knowledge from more than two decades at AT&T, as well as experience leading finance and operations in technology and cybersecurity through her most recent role at McAfee.
AT&T CEO John Stankey praised both leaders during the transition. In a statement, he credited Desroches with helping strengthen the company and sharpen its strategic focus, while expressing confidence that Biry’s breadth of experience will help drive the next phase of execution.
As one generation of CFOs retires, succession planning is becoming as important as strategy itself.
Desroches alluded to that in his message. “Colleagues who challenged my thinking, teams who delivered under pressure, and leaders who placed trust in me—those relationships are what I’ll carry with me most,” he wrote.
