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AT&T Gives Retiring Donovan $7.85M Lump Sum Payment

AT&T is giving John Donovan, who is retiring as CEO of its communications unit, a lump sum payment of $7.85 million, the company disclosed in papers filed with the SEC on Friday.

Donovan will also be paid $2.8 million for one year’s worth of consulting services.

His restricted stock granted to him in 2015 will vest upon his departure from the company on Oct. 1, AT&T added.

The benefits come on top of “usual and customary” benefits received by employees of AT&T, the company said.

Donovan was with AT&T for more than 11 years.

He will be replaced by Jeff McElfresh, who has been with AT&T for 25 years and was president of AT&T Communications’ technology and operations group.