AT&T CFO Pascal Desroches reflects on a nearly 40-year finance career before retiring
Desroches shares the lessons behind AT&T's $150 billion network bet, a hard dividend call, and why he says he never hesitated.
Pascal Desroches, AT&T's CFO, has spent four decades in finance, reflecting on his career as a series of chapters influenced by change and challenge. At just 35, he becomes the first Black CFO of AT&T in the company's history. In 2021, Desroches took over as CFO during a crucial time for AT&T, when the company separated DirecTV, divested WarnerMedia, cut its dividend, and refocused on telecom infrastructure.
His leadership during this period was marked by decisive action, such as selling off assets early to avoid potential losses from the Federal Reserve's rate hikes. Desroches emphasized the importance of communication, praising AT&T CEO John Stankey for openly sharing both successes and areas needing improvement. He credited his mentors, including Lemar Swinney and Dick Parsons, who taught him to navigate ambiguity and leave his door open for bad news.
Desroches' tenure was also defined by significant investments in network infrastructure, totaling over $150 billion, and a commitment to reinvesting capital rather than saving. His leadership has paid off, with AT&T's stock returning over 95% in the past three years, including dividends, outperforming the S&P 500. As he prepares to retire, Desroches remains involved in corporate life through board memberships and advisory work.
He advises finance professionals to approach their careers as a marathon, emphasizing the importance of well-being and joy.
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