AT&T's CFO to Depart After Comcast Merger

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AT&T's CFO to Depart After Comcast Merger - 05/26/02 04:45 AM

By @NY Staff

Charles H. Noski, AT&T's (NYSE:T) vice chairman and chief financial officer, said he plans to step down once the spin-off and merger of AT&T Broadband with Comcast Corporation is completed.

AT&T said a search is underway for a new CFO who will report to Noski until the merger with Comcast closes.

The companies are slated to complete the merger by the end of the year, following shareowner and regulatory approval. The vote for shareholders of Comcast and AT&T is scheduled for July 10.

Noski said that he has no specific plans after he leaves AT&T, but he wanted the company to have ample time to find a qualified successor. "I cherish the friendships I formed at AT&T," he said in a statement. "And I will always value the experience of helping to successfully navigate one of the world's great companies through such challenging times."

The decision comes three months after Noski took a seat on AT&T's board of directors. At that time, he said he was not interested in succeeding AT&T Chairman and CEO C. Michael Armstrong, who will take the reins of merged broadband/cable company after the deal closes. Company officials have said his likely successor would be AT&T President David W. Dorman.

"Chuck has made a lasting contribution to AT&T," said Armstrong. "In less than three years, he upgraded the company's financial staff, improved controls and processes, and increased our financial and strategic flexibility. And it's typical of his thoughtful approach that he would provide for a seamless transition with his successor."

Dorman also said in a statement, "I regret Chuck's decision. Thanks to his tireless efforts, following the Comcast merger, AT&T will have one of the strongest balance sheets in the industry and be uniquely positioned to serve both businesses and individuals. He will be greatly missed."

The 49-year-old Noski joined AT&T in 1999 after nine years at Hughes Electronics, where he rose to president and chief operating officer. Before that, he was a partner with Deloitte & Touche.

May 24, 2002

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