AT&T CFO latest in Fortune 500 retirement wave
A wave of CFO retirements is reshaping the Fortune 500, and AT&T’s Pascal Desroches is the latest senior finance chief to step aside. The telecommunications giant announced this week that Desroches, who has served as senior executive vice president and chief financial officer since 2021, will retire effective Dec. 31. His successor will be Jennifer Biry, a former longtime AT&T finance executive who most recently served as finance chief and chief operating officer of McAfee. Biry has been named deputy finance chief effective July 6 and will take over as chief financial officer on Jan. 1, 2027.
The move aligns with a broader generational shift.
His tenure and the company reset
Globally, 60% of outgoing CFOs retired or moved to board roles in the first quarter of 2026, up from 56% a year earlier and well above the seven-year first-quarter average of 39%, according to Russell Reynolds Associates’ Q1 2026 Global CFO Turnover Index. His time at the company coincided with one of the most consequential strategic resets in its recent history. The company separated DirecTV, divested its media assets through the WarnerMedia-Discovery transaction, reduced debt, reset its dividend, and renewed its focus on telecommunications infrastructure. At the same time, the company increased investment in 5G and fiber while simplifying its balance sheet and cost structure.
Related: How SMBs Can Use Cash Flow Management Software to Improve Real-Time Visibility
In a LinkedIn post announcing his retirement, the outgoing CFO described the paradox that many CFOs face during uncertain times. “Along the way, I’ve learned that progress isn’t linear,” he wrote. “It takes discipline, resilience, and, at times, the willingness to make difficult decisions in service of something bigger and longer term. Some of the most defining moments of my career came in those periods of transformation—when the path forward wasn’t always clear, but the conviction to move forward had to be.”
Before joining the company, he served as EVP and chief financial officer of WarnerMedia and administrative officer of Turner Broadcasting System Inc., and earlier as Turner’s finance chief and global controller of Time Warner.
In conversations over the years, the finance chief often said finance leaders should be partners to the business, not gatekeepers. He returned to one leadership lesson repeatedly: creating an environment where difficult conversations are encouraged. “You can’t be in an organization where everybody’s terrified of the CFO—it just doesn’t work,” he told a reporter last year. “As executives, we have to leave our door open, even for bad news, because it gives us an opportunity to problem-solve.” He credited the late media executive Dick Parsons for that advice.
His successor, Jennifer Biry, brings deep institutional knowledge from more than two decades at the company, plus experience leading finance and operations in technology and cybersecurity through her most recent role at McAfee. In a LinkedIn post, Biry described her return as a “full-circle moment that truly feels like coming home.” The company’s CEO John Stankey praised both leaders in a statement. He credited the outgoing CFO with helping strengthen the company and sharpen its strategic focus, while expressing confidence that Biry’s breadth of experience would help drive the next phase of execution.
Related: Folklore, Myths, and Traditions for Engagement Rings
Succession planning, it seems, is becoming as important as strategy itself. The outgoing CFO alluded to that in his message. “Colleagues who challenged my thinking, teams who delivered under pressure, and leaders who placed trust in me—those relationships are what I’ll carry with me most,” he wrote.
Other finance chief moves across the Fortune 500
Shane Tackett, finance chief of Alaska Airlines (No. 322), has been appointed to the additional role of president. He will continue overseeing finance, fleet management, investor relations, supply chain, internal audit and IT, while adding the commercial organization to his portfolio. His promotion builds on more than 25 years at the airline.
Andrew Farag was named EVP, finance chief and treasurer of The Lovesac Co., a direct-to-consumer furniture retailer, effective immediately. He succeeds Keith Siegner, who remains for a transition period. Farag brings over 20 years of experience, most recently as managing director at Riveron.
Brian Tabolt was promoted to finance chief of Newmont Corporation effective July 1. Tabolt, who served as chief accounting officer and group head of finance, joined Newmont in 2021 and previously held roles at Molson Coors.
Related: Top B2B Marketing Agencies Driving Business Growth
Lucas Bravo was appointed finance chief of Blaze Pizza. His background includes financial leadership at Burger King, Auntie Anne’s, Cinnabon, Moe’s Southwest Grill, and Jamba, plus consulting at Accenture and Booz Allen.
Jim Stanley was named finance chief of Congruex, a digital infrastructure engineering firm. Before that, he was SVP at Frontier and played a key role in its acquisition by Verizon. He also spent 12 years at the Center for Diagnostic Imaging as CFO and COO.
CFO confidence hits a 20-quarter low
Grant Thornton’s Q2 2026 CFO survey found that U.S. CFO confidence in the economy has dropped to its lowest level in 20 quarters. Yet most finance leaders continue investing in technology and AI. Only 37% are optimistic about the next six months, but 67% expect to increase IT and digital transformation spending, and 68% anticipate profit growth. Nearly half rank technology upgrades as a top priority despite concerns about cost control, supply chains, inflation, tariffs, and energy disruptions. Most organizations are piloting, scaling, or integrating AI to improve forecasting and cost intelligence, though many are still developing governance and risk frameworks. Most finance leaders say they have made at least moderate changes to cost and efficiency initiatives in the past year.
