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Randall Stephenson
Former Chairman & Chief Executive Officer, AT&T

Chief executives must advocate for racial justice: AT&T CEO Randall Stephenson

🎥 May 26, 2020 📺 CNBC Television ⏱ 6m 👁 5097 views
AT&T CEO Randall Stephenson on Tuesday called on fellow chief executives to speak up for racial justice following the police killing of George Floyd, an unarmed black man. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwi...
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About Randall Stephenson

Randall Stephenson, former chairman and CEO of AT&T, has spoken publicly about the company's strategy regarding its proposed merger with Time Warner, 5G technology, and broader economic policy. In 2016 testimony before a Senate subcommittee, Stephenson argued that the merger would benefit consumers by providing more choices and lower-priced options, and he stated that AT&T would not withhold Time Warner content to disadvantage competitors. He also said that AT&T had been the largest investor in the United States for five consecutive years and that he expected that to continue. At the 2019 FinTech Ideas Festival, Stephenson discussed the potential of 5G networks, stating that the technology would enable precise location tracking of devices within centimeters, which he said could change how authentication and identity are handled in digital transactions. Stephenson has also addressed social and political issues. In a 2018 interview, he discussed a 2016 speech he gave to AT&T employees about Black Lives Matter, saying he was glad it went viral because it initiated conversations about race within the company and among other CEOs. On economic policy, he stated in 2016 that a 2% growth rate was "unacceptable" and called for tax reform and the approval of the Trans-Pacific Partnership to stimulate growth. He also noted that regulatory and tax policies had influenced AT&T's investment decisions, including its expansion into Mexico.

Source: AI-verified profile updated from Randall Stephenson's recent appearances. Browse all interviews →

Transcript (6 segments)
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Interviewer0:00
So you made some comments to me over the weekend about how you think business leaders should have much to say about this. That there's a real reason for that, that business leaders shouldn't be standing up and saying something. And we've had a lot of companies that have put out statements. It's not always easy for a CEO with everything they're already dealing with, with the pandemic, with problems in the economy, with concerns about their workforce, to get out and stand in front and say something. Why do you think it's so important that business leaders speak out?
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Randall Stephenson0:32
Well, you heard Tom Friedman, I was listening to a moment ago, and talked about how this legitimate cause for protests is being hijacked by a violent, riotous element. And he's right. But what we don't think is appreciated and what we don't talk about enough is if you go talk to the African-American employees in our companies and if you ask them, 'Be honest with me, how do you feel about this?' you're going to be surprised at what you hear. They relate to this injustice. They relate to this situation of law enforcement and how black people are treated differently. Becky, after that talk that I gave in 2016, a very prominent CEO of a company, and this individual, if I were to say his name, everybody that is in your viewership would know him. I'll never forget him coming up to me with his wife, talking about his instructions to his teenage children: if they're driving home at night into a very prestigious neighborhood they're in, New York, they're black, and he tells them, 'If it's after dark, roll up your windows, turn down the music, and if you happen to get stopped by police, get out of the car and immediately put your hands on the roof.' Now, this is a very prominent African-American businessman, and then well-to-do. And I'm thinking to myself when he told me that, you know, I never gave that instruction to my kids. I never told my kids to behave that way and then to respond that way to law enforcement. In fact, I always take great comfort in law enforcement being around if my children were out at night. But I'm just, the only point being, the African-American community is viewing this consistently and it's a pervasive view. And so all of us CEOs have large African-American employee bodies that we owe it to them to make sure that we're speaking to this and that we're asking our policy makers to step up, asking our political leaders to step up and recognize and just say it: we got a problem. We have a big problem and it needs to be dealt with.
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Interviewer2:33
How do companies take hardcore responses aside from pushing their legislators, aside from pushing their elected leaders, aside from making their voices known? How do you as a company and a corporate leader try and make changes within your own realm, within your own company? Are there actual programs that you're working on that you've had success with? There may be programs you've tried you haven't had success with.
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Randall Stephenson2:57
No, we starting in 2016, we initiated a number of initiatives and programs that have had a significant impact within AT&T. But I would actually suggest to you that companies like AT&T and others, you know, we're very adept at effecting change in Washington if it's a priority. And I think we are now looking at an area that is a priority for business. And look, business, let's just be honest, we have a moral imperative to address this. But business doesn't work, free markets don't work in an environment where a large class of our people are perceiving and experiencing injustice. And social unrest is not exactly conducive to a functioning free market economy. And so we have an imperative to begin to use our muscle and our influence to begin to affect policy change to address this. And I think we as business leaders are going to need to put our shoulder into this and begin to try to move the needle.
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Interviewer4:02
So, you know, it's like 2020 and, you know, this has been, you know, my entire life I've been watching things like this. And we can, Frazier on yesterday, CEO of Merck, said very similar things, you probably saw him, said very similar things to what you said. I've seen Senator Tim Scott on TV say that he's been pulled over or harassed seven, eight, nine times in recent years for what he said was driving while black. So, and I understand, and I've, you know, police, they got a really tough job, but they also have, you know, they're wearing a gun and they have absolute power a lot of times. So I understand that there's a problem there. But what about society in general? That if you, you know, we had this woman in Central Park that recently just stereotypes, assumed that there was a black male. So she was in, I mean, we've got to change society, not just police, but all of our perceptions, I think, or many percentage.
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Randall Stephenson5:02
Look, I'm not a social scientist and I don't think we can begin to think about public policies that correct racism. I mean, racism is what it is. But what we do and the way our system works is we enact laws to control the bad angels in our human nature. And I think it's time that we begin to ask those questions about what are the laws that need to be implemented to address this. And I just give you a classic example. And by the way, Cory Booker put out a piece that I thought was very thoughtful, very balanced, very rational. But one of the key proposals in it, and I will articulate it this way: there's a philosophy that Rudy Giuliani made prominent about broken windows policing. And what's the whole premise of this? You walk into a neighborhood and you see a lot of broken windows, it just sends a signal that we are tolerant of crime. And the question I have is, do we have policies within law enforcement that send a signal that we're tolerant of discrimination? And a classic example is racial profiling. If I were to use those kind of policies at AT&T, I would rightly be terminated, fired, and probably sued. But we allow, we actually have systems, we have procedures that allow for racial profiling. And what does that say? That says, just like broken windows, we have a tolerance for racial discrimination in law enforcement. Those kind of policies need to be challenged. Every mayor, every chief of police in the United States ought to answer to their constituency whether that is good and proper and best serving the communities where they operate.