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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: October 23, 1996
AT&T CORP.
A New York Commission File I.R.S. Employer
Corporation No. 1-1105 No. 13-4924710
32 Avenue of the Americas, New York, New York 10013-2412
Telephone Number (212) 387-5400
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Form 8-K AT&T Corp.
October 23, 1996
Item 5. Other Events.
See Exhibit 99 to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(C) Exhibits.
Exhibit 99 AT&T Corp. Press Release issued October 23,
1996.
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Form 8-K AT&T Corp.
October 23, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
AT&T CORP.
By: S. L. Prendergast
Vice President and Treasurer
October 25, 1996
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EXHIBIT INDEX
Exhibit
Number
_______
99 AT&T Corp. Press Release issued October 23,
1996.
<PAGE> 1 Exhibit 99
AT&T BOARD ELECTS JOHN R. WALTER AS PRESIDENT,
COO AND A MEMBER OF THE BOARD OF DIRECTORS
FOR RELEASE WEDNESDAY, OCTOBER 23, 1996
NEW YORK -- AT&T Chairman Robert E. Allen and the AT&T Board of
Directors today announced the election of John R. Walter as president, chief
operating officer and a member of the company's board, effective November 1.
Walter, 49, was previously chairman and CEO of R. R. Donnelley and Sons
Company.
"I'm confident John Walter brings leadership qualities that will
make the new AT&T successful, not only in the hotly contested long
distance market, but across the whole range of rapidly growing
communications services," said Allen, 61. "He's had the experience of
being accountable to shareowners, employees, customers and the public.
And he's transformed a large, old-line company challenged by new
technologies and changing markets into a tough global competitor.
Meeting those challenges is what leading the ' new' AT&T is all about."
The AT&T Board elected Walter unanimously at a special meeting yesterday
evening. The company said the board considered a number of outstanding
candidates but quickly focused on John Walter because his track record
fit so well with the challenges at AT&T.
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"John and I will partner closely with the senior team," Allen said. "The
board and I have every expectation that John will become chairman and CEO
of AT&T. We intend to split the CEO and chairman roles in January 1998,
and I would expect John to succeed me as chairman at the AT&T Annual
Meeting later that year. In the meantime, we're going to dive into the
work ahead of us."
"AT&T is one of the world's great companies," Walter said, "and I'm truly
excited to be joining it at a time when the opportunities in
communications services are nearly limitless. AT&T has the best people
in the industry, a great brand, tremendous resources, and, I believe,
unlimited potential."
Walter became chairman of R. R. Donnelley in 1989 after holding positions
as CEO, president, executive vice president of operations, and heading up
various operating units. During the 10 years of his operational
leadership, Donnelley steadily increased revenue, earnings and cash flow
in an industry experiencing little growth. It also transformed itself.
"Today, Donnelley is a global leader in managing and distributing
information in whatever form best serves its customers -- from magazines
to software disks and on-line services," Walter said. "It is no longer
simply a printing company; it is a customer-focused marketing services
company that fully exploits the capabilities of the digital technologies
that once threatened it.
"This transformation," Walter added, "was achieved through strategic
investments, as well as heightened employee involvement, accelerated
decision-making and a performance-based culture."
"As for the new AT&T," Allen said, "we intend to do more than ride the
wave of change transforming this industry. We will lead it and profit
from it. We will vigorously defend and enhance our position in long
distance, while investing in growth areas, such as the local service market
opened up by the 1996 Telecommunications Act, the booming wireless
communications market, and on-line services.
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"In both our traditional services and in the new markets opened by
regulatory or technological change, customers want the quality, value,
reliability and service the AT&T name represents. We're going to compete,
and compete hard, for customer loyalty and to be the first choice for
both business and personal communications," Allen said.
The following divisions will report to Walter: Consumer and Small
Business; Business Markets; Strategy and Service Innovation; Operations
and Service Management; Local Service; AT&T Wireless Services; AT&T
Universal Card Services, AT&T Solutions, and AT&T's global operations.
In addition to Walter, Richard W. Miller, senior executive vice president
and chief financial officer, and John Zeglis, senior executive vice
president -- policy development and general counsel, will continue to
report to Allen.
The election of Walter brings AT&T's Board of Directors to 11 members.
The board was split in March, at the time of Lucent Technologies' Initial
Public Offering.
Walter joined R. R. Donnelley in 1969 as a trainee in the sales
department after graduating from Miami University of Ohio. He serves as
a member of the Board of Directors of Abbott Laboratories, Dayton Hudson
Corporation, and Deere & Company.
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