Cable veteran and former Continental Cablevision CEO Amos Hostetter has
resigned from AT&T Corp.’s board of directors, citing personal reasons.
In a statement, AT&T said Hostetter will be replaced by William F.
Aldinger III, chairman and CEO of Household International, a subsidiary of HSBC
Holdings plc, one of the world's largest financial-services companies.
Hostetter joined AT&T’s board in 1999 after the telephone giant purchased
MediaOne Group Inc. through its AT&T Broadband subsidiary. MediaOne had
earlier purchased Continental for $10.8 billion in cash, stock and assumed
After AT&T acquired MediaOne, Hostetter was AT&T’s largest individual
shareholder with about 53 million shares of its common stock. But after AT&T
sold its cable holdings to Comcast Corp. in November, several observers expected
Hostetter to resign.
According to Securities and Exchange Commission documents, Hostetter is still
AT&T’s largest individual shareholder, with 10.7 million shares of its
common stock after AT&T initiated a 1-for-5 reverse stock split in
"I'd like to thank Amos for his contributions to the board since joining it
in 1999. His insight and expertise were invaluable in guiding us though a major
restructuring of the company," AT&T chairman David Dorman said in a prepared