3 named to head AT&T businesses Company will be split into separate companies

October 13, 1995|By BLOOMBERG BUSINESS NEWS

NEW YORK -- AT&T Corp. yesterday named three executives to run the separate telephone and communications equipment businesses created by a planned split-up of the nation's No. 1 long-distance company.

Alex Mandl, 51, will be president and chief operating officer of the $50 billion long-distance company that will retain the AT&T name. He has been instrumental in stopping an erosion of market share to rivals MCI Communications Corp. and Sprint Corp.

Analysts said Mr. Mandl might be groomed to take over for Chairman and Chief Executive Robert E. Allen, who is 60.

Henry Schacht, 60, former chairman and chief executive of Cummins Engine Co., will be chairman and chief executive of a new $20 billion communications equipment company.

Richard A. McGinn, 49, will be president and chief operating officer of the equipment company, which hasn't been given a name.

AT&T said Sept. 20 it is dividing into three publicly traded businesses: a telephone company, a communications equipment manufacturer and a maker of mainframe computers and automated teller machines. The move is designed to cut costs and make AT&T more responsive to market changes.

AT&T shares closed yesterday up $1.75, at $63.875.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.