Mike Armstrong's Strong Showing

AT&T's boss has--surprise--kept his promises to investors

When AT&T CEO C. Michael Armstrong laid out his strategic vision for Wall Street a year ago, several analysts sniped that most of his plans had been tried before--and had failed. One glaring example: In 1995, Robert E. Allen, Armstrong's predecessor, had made the same pledge that Armstrong was making to cut costs by eliminating jobs at the long-distance giant. Allen, as it turned out, wound up increasing the size of the payroll. Would it really be any different under Armstrong? "I'm not sure we have a history, but we're going to have a future of having a commitment culture," Armstrong vowed at the time.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.