https://activatingatt.com/letter/
7 replies (most recent on top)
Need to walk back the techM deal if possible. Their work is too subpar for an organization like this.
Yes, $3.2b is an impressive buy-in number, all 1.2% of it. In another post someone called out that this is a “chicken little, the sky is not falling” scenario....I have to agree.
Elliott Management was a headline grabber, got us all talking and the stock was up $.52 cents today, but I doubt Randy is quaking....it will be business as usual going forward, outsourcing & Surplus, in other words, job losses.
Randy, if you’re listening....offer a MVO to those who would refuse an outsource. Show us that humanity is in there, somewhere....surprise us.
Randall "Scrooge" Stephenson just got a dose of his own medicine. He was bitten by Karma. Look for RandLl to exit AT&T by December 1st.
AT&T Statement: "We look forward to engaging with Elliott. Indeed, many of the actions outlined are ones we are already executing today. "
Randy (pacing back and forth) : "Holy sh!t !!! The jig is up... the investors are finally up to my shenanigans and massive failures as CEO ... I should do the right thing (for me of course), which is to blame all the employees below me and outsource several thousand more of them.. Let me call my new best friends at TechM for advise.. Yep, that is what I will do ... I am awesome... "
We look forward to engaging with Elliott. Indeed, many of the actions outlined are ones we are already executing today.
https://about.att.com/story/2019/elliott_management.html
I wish I could have seen the look on Randy’s face when he saw that this morning
Next Steps
- Today AT&T is at a pivotal inflection point in its storied history. While it has a premier set of franchises, each with a leading market position, AT&T’s operational and strategic issues have weighed on both financial results and investor confidence. Fortunately, these issues are addressable, and there is a path forward to realize unique value for all stakeholders.
- AT&T should now place its greatest emphasis on operations – it must move past the era of asset accumulation and into one of integration and execution. Through a focused strategic review, emphasis on operational best practices, a formal capital allocation framework, and enhanced leadership and oversight, AT&T has a unique opportunity to reverse the past decade of underperformance and embark upon a new period of extraordinary value creation. Beyond the significant share-price upside, the business benefit – to again see a strong and thriving AT&T for customers, employees and everyone who depends upon this Company – is also clear. If done successfully, the opportunity is historic.
We want to personally thank the Board for considering our thoughts, and we are looking forward to hearing yours as well. While this letter has been necessarily candid in its analysis of the recent past, we are at this point completely focused on AT&T’s future and believe we are fully aligned with you in wanting to build sustainable shareholder value and create a stronger AT&T for all. As a next step, we respectfully request a near-term meeting so we can begin the process of working together to pursue this opportunity.