At&T: Honeymoon In Jersey

So far, CEO Armstrong and No. 2 Zeglis are a dream team

At the Oct. 20 press conference announcing his appointment as AT&T's chairman and CEO, C. Michael Armstrong downplayed any possible rift with longtime general counsel John D. Zeglis, who had pushed hard to succeed outgoing CEO Robert E. Allen. Armstrong said he had nominated Zeglis to be president and stressed that the two planned "to operate as a team." Still, many observers bet Zeglis would walk. "None of these people got to where they are by wanting to be No.2," says David Otto, an analyst at Edward Jones.

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