Stephenson takes over as AT&T CEO

As expected, AT&T's Randall Stephenson assumed the position of chairman and CEO today, succeeding longtime chairman and CEO Ed Whitacre, who retired. Stephenson, 47, previously served as AT&T's COO and CFO. AT&T announced that 12 executives will report directly to Stephenson, including Ralph de la Vega, group president of Regional Telecommunications and Entertainment; Stan Sigman, president and CEO AT&T Mobility; and Ron Spears, group president of Global Business Services. Stephenson's promotion comes just in time for him to take the reins of the iPhone launch, which is set for later this month.

For more on AT&T's new CEO:
- read this company press release