NEW YORK-AT&T Corp. appointed key executives to head its new $20 billion wireless equipment business, one of the three independent publicly traded companies AT&T plans to create.
The equipment business, which will produce a range of networks, systems and software, telephone systems and microelectronics, plans to publicly offer its stock at the end of the first quarter or early in second quarter 1996.
AT&T said the company will be based at the current Bell Laboratories headquarters in Murray Hill, N.J. Bell Laboratories will be the company’s research-and-development engine.
AT&T previously appointed Henry Schacht chairman and chief executive officer and named Richard McGinn president and chief operating officer.
Bill Marx, currently executive vice president and chief executive officer of AT&T’s multimedia products group, has been appointed senior executive vice president of the new company. Dan Stanzione will continue as president of Bell Labs and also will become president of AT&T Network Systems. Carleton Fiorina was promoted to executive vice president of corporate operations.
In September, AT&T’s board of directors approved plans to divide the communications giant into three companies to focus on communications services, communications technology, systems and equipment and transaction-intensive computing as a way to better meet changing customer needs.