John Stankey has been promoted to CEO of AT&T, succeeding Randall Stephenson in the role as of July 1.

Stankey is a 35-year AT&T executive who was named chief operating officer last September. Stankey’s promotion was announced Friday morning as part of AT&T’s annual shareholders meeting in Dallas.

Stephenson said he would remain in the executive chairman role through January 2021. AT&T had already committed to separating the roles of chairman and CEO after the end of Stephenson’s tenure. AT&T said the board would elect an independent director later this year to succeed Stephenson as board chairman.

Noting Stankey’s long run with the company — most recently leading the integration of Time Warner assets following AT&T’s $85.4 billion acquisition in 2018 — Stephenson called his successor “uniquely positioned” to lead the telecommunications giant. AT&T as of Friday has a market cap of $211 billion, with 2019 revenue clocking in at $182 billion.

“Leadership succession is one of the Board’s most important responsibilities,” AT&T board member Beth Mooney said in a statement. “After an extensive evaluation, it was clear that John Stankey was the right person to lead AT&T into the future.”

In a video message to AT&T’s 248,000 employees worldwide, Stankey said, “You have inspired and supported me for nearly 35 years, and I couldn’t be more excited about tackling the challenges with you at one of the most dynamic and exciting times in our company’s history.”

Stephenson, 60, has served as CEO of AT&T for the past 13 years, capping a 38-year run with AT&T and its predecessors. During his tenure, one of the nation’s largest corporations has been transformed with a focus on marrying media and entertainment assets with the former Ma Bell’s wireless and cellular networks. On Stephenson’s watch, AT&T bet more than $130 billion on the acquisitions of DirecTV and Time Warner.

Stankey, 57, is a longtime lieutenant who has at various times had hands-on operational control of every aspect of AT&T’s businesses, including the integrations of Time Warner (now known as WarnerMedia) and DirecTV. His roles over the years have included serving as AT&T’s chief strategy officer, chief technology officer, CEO of AT&T Operations and CEO of AT&T Business Solutions.