On Friday, the 1st of November 2019, the No. 2 wireless carrier in the United States, AT&T behind Verizon Communications, had issued a public statement saying that the Dallas, Texas-based American multinational telecommunication conglomerate’s management board had agreed to add the Chair of Seagate Technology Plc., Stephen Luczo at its management board, as AT&T Inc.
would likely to go through a thorough revamp over the next three years to shed its stockpile of debts that came with the Time Warner network purchase. Aside from that, latest announcement from the second-largest US wireless carrier by subscribers came forth days after the Dallas, Texas-based telecommunication tycoon had told it would add two new board members to oversee its broad-based strategic revamp which would likely to continue for more that three years as beforementioned.
Meanwhile, AT&T’s decision to add Seagate Technology Plc. Chair Luczo at its management board came at a critical time, while the company would be going through a raft of reforms including a sell-off of up to $10 billion worth of businesses by next year in a bid to pay off all of its debts meaded of the purchase of Time Warner in the face of extreme pressures from one of its activist stakeholders, the Elliott Management.