DALLAS, TEXAS — AT&T announced that Pascal Desroches, the company's senior executive vice president and chief financial officer, will retire effective December 31, 2026. Jennifer Biry has been named deputy chief financial officer, effective July 6, and is scheduled to succeed Desroches as chief financial officer on January 1, 2027.

During Desroches' tenure at AT&T, the company separated DirecTV and divested media assets through the WarnerMedia-Discovery transaction. The company also reduced debt, reset its dividend, and focused on telecommunications infrastructure. The company also increased investment in 5G and fiber while simplifying its balance sheet and cost structure.

Before joining AT&T, Desroches held several positions, including executive vice president and chief financial officer of WarnerMedia. He also served as the administrative officer and chief financial officer of Turner Broadcasting System Inc. and as global controller for Time Warner. Prior to his new role, Biry served as chief financial officer and chief operating officer at McAfee.

Desroches said, "Along the way, I’ve learned that progress isn’t linear. It takes discipline, resilience, and, at times, the willingness to make difficult decisions in service of something bigger and longer term. Some of the most defining moments of my career came in those periods of transformation—when the path forward wasn’t always clear, but the conviction to move forward had to be." He also stated that his approach to open communication was influenced by lessons from late media executive Dick Parsons. "You can’t be in an organization where everybody’s terrified of the CFO—it just doesn’t work. As executives, we have to leave our door open, even for bad news, because it gives us an opportunity to problem-solve." Desroches said.

The Russell Reynolds Associates Q1 2026 Global CFO Turnover Index indicated that 60% of outgoing chief financial officers globally retired or moved to board roles in the first quarter of 2026. This figure compares to 56% in the first quarter of 2025 and a seven-year first-quarter average of 39% for such transitions. Meanwhile, a Q2 2026 CFO survey by Grant Thornton reported that confidence in the economy among chief financial officers in the U.S. reached its lowest level in 20 quarters. The survey also noted that most chief financial officers are continuing investments in technology and artificial intelligence.