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Randall Stephenson, chairman and CEO of AT&T, resigns from Boeing's board

Randall Stephenson, CEO of AT&T speaking at the New York Economic Club on Nov. 29th, 2017.
Adam Jeffery | CNBC

Boeing announced Friday that , chairman and CEO of AT&T, has resigned from its board.

The company said in a statement that Stephenson stepped down in order to devote more time to AT&T. Stephenson told Boeing that 2018 "will be an extremely busy one for him at AT&T."

Last month, the Justice Department filed a lawsuit in an attempt to block AT&T's proposed merger with Time Warner. The department argued that the $85 billion deal would raise prices for consumers and stifle competition.

AT&T has said it would fight the lawsuit and resisted suggestions that it should sell off some of its businesses to more easily obtain regulatory approval.

This is breaking news. Please check back for updates.

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