US telecommunications giant AT&T has announced that its CEO Randall Stephenson will step down. President and Chief Operating Officer John Stankey will take his position on July 1, 2020.

In February, 60-year-old Randall Stephenson said he would remain CEO for the rest of the year, but declined to comment further afterward.

He will remain Executive Chairman of the Board of Directors until January 2021.

John Stankey recently stepped down from his position as CEO of WarnerMedia, owned by AT&T. The entertainment unit will soon be taken over by Hulu co-founder Jason Alan Kilar.

The hedge fund Elliot Management, which has called for changes in AT&T’s management, said it “supports” John Stankey’s appointment, though the investor was earlier skeptical of the move.

All this comes just two days after AT&T presented its first-quarter financial statements. Revenues for the period were below analysts’ expectations. Like many other companies, the telecom also decided to withdraw its forecast because it could not assess how serious the impact of the coronavirus crisis would be on its business.