AT&T CEO Randall Stephenson will step down in 10 weeks, the company announced Friday -- a departure that wasn't scheduled until the end of the year.

Stephenson now plans to leave on July 1 but will remain executive chairman of AT&T's board until Jan. 1. He will be succeeded in the CEO post by Chief Operating Officer John Stankey.

Stankey previously served as CEO of WarnerMedia, which is owned by AT&T.

"Leadership succession is one of the board's most important responsibilities," AT&T Board Director 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."

Stephenson, AT&T's chairman and chief executive for 13 years, lauded Stankey as the right choice to replace him.

"He has a terrific leadership team onboard to ensure AT&T remains strong and continues to deliver," he said.

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