Updated at 11 a.m. with additional details.
John Stankey has been named the new CEO of AT&T – and it will be this year.
CEO Randall Stephenson will step down as CEO, and COO Stankey will become CEO effective July 1, according to a news release issued Friday. Stankey will also become a member of the board, effective June 1.
Stephenson, who has led the company for 13 years, will serve as executive chairman of the board until January to ensure a smooth transition.
Stankey already had lined up for the position in October, when he took on the role of COO and president.
A board committee engaged in a five-month search process for the next CEO before tapping Stankey.
"After an extensive evaluation, it was clear that John Stankey was the right person to lead AT&T into the future," AT&T director Beth Mooney, who led the committee, said in a prepared statement.
This could be seen as surprise for some as Stephenson had indicated he would stay at the helm through 2020 in the past.
Yet a spokesperson for AT&T said Stephenson wanted to give the board plenty of time to do the necessary work to select the next CEO of AT&T. The board complete its work in April to select the next CEO, the spokesperson said.
Stephenson and the board "are highly confident that John is more than ready to assume the responsibilities of CEO now and decided it was best to advance the transition to bring clarity to succession and move the transition forward, particularly at a time like this," the spokesperson said.
The transition comes at a time of change for AT&T as it grapples with the effects of COVID-19 and looks to expand its reach into the media industry after the acquisition of Time Warner less than two years ago. The company competes not only with Verizon and a revamped T-Mobile, but now also Netflix, Disney and Amazon.com.
Shares of AT&T were trading up slightly after the announcement was made.
RELATED: Old is new again: AT&T’s ‘much stickier’ connectivity business outperforms as WarnerMedia struggles
Stankey joined AT&T in 1985. He has held roles that include corporate strategy and technology, along with operations and media, in addition to the posts of CEO of WarnerMedia and CEO of AT&T Entertainment Group.
"I appreciate the board’s confidence in me leading the company during our next chapter of growth and innovation in keeping people connected, informed and entertained," Stankey said in a statement. "We have a strong company, leading brands and a great employee team, which I’m privileged to lead."
