July 17, 1997 |
AT&T Corp. faced another crisis of leadership and direction Wednesday after President John Walter resigned because the company backed out of its promise to make him chairman and chief executive. Walter, 50, joined the nation's largest phone company eight months ago following a prolonged search for a successor to Chairman Robert Allen as chief executive. Walter, who had been CEO of R.R. Donnelley & Sons Co.
May 1, 1997 |
AT&T Corp. named Dan Somers, a Bell Canada senior executive, as its next chief financial officer, the telecommunications company's biggest outside hire since John R. Walter became president last fall. Somers, 49, replaces Richard W. Miller, 56, who quit last month after four years with the company amid several other high-level departures in the wake of Walter's rise to power.
July 31, 1997
MCI Communications Corp. reported a 6.7% decline in second-quarter profit, reflecting the trouble besetting MCI as it tries to break into the local phone business. The nation's second-largest long-distance company earned $280 million, or 40 cents a share, compared with $300 million, or 43 cents a share, a year ago. . . . AT&T Corp.
December 23, 1996 |
Putting his first major stamp on AT&T Corp., new President John R. Walter has replaced the head of the company's ailing consumer unit with one of its top marketing managers. Gail J. McGovern, executive vice president of AT&T's business markets division, succeeds Joseph P. Nacchio in running the consumer and small business unit.
February 4, 1997 |
AT&T's chief financial officer said Monday that he is quitting, the second top-level departure from the giant long-distance phone company since John R. Walter took over as president last fall. Richard W. Miller, 56, will continue as chief financial officer until a replacement is found, expected by the end of March.