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Wonderly.

Thank you. It's just after 11 a.m. on a fall day in 1978 at AT&T headquarters in New York City.

63-year-old John DeButz, chairman of AT&T, pours two glasses of scotch. Beside him is 57-year-old Charlie Brown, the second most powerful person in the company after John. John hands Charlie one of the glasses. You know, I forget, you like it on the rocks or meat? Neat's fine, but I don't normally drink this early in the day. Makes me a bit worried. Are we celebrating or something else? John takes a sip and hesitates. He's searching for the right words to explain what's on his mind. Well, you know, I've been with 18T for more than 30 years, right? It's been over half my life working in the bell system.

Yep, worked all the way up from the bottom, climbed the ladder. We all know your story, John. You're an inspiration. Well, I don't think I'm going to make it to 40 years. John sees the color fade from Charlie's face. Oh, what do you mean? Is it your health? Oh, John? No, no, it's not that. I'm in pretty good shape.

But I'm going to announce my resignation to the board tomorrow, and I'm going to recommend that they vote you as the new chairman. John, but you still have two more years before your terms up. You can't retire early. AT&T needs you. And I think it needs me to leave. It's becoming clear to me that new leadership is the only thing that will keep AT&T together.

I don't think I'm the guy.

John, are you being... I think it needs me to leave. It's becoming clear to me the new leadership is the only thing that'll keep AT&T together. I don't think I'm the guy.

John, are you being pushed out? No. No, no, no, Charlie, no one's making me go. I've just, I've been thinking about this for the better part of two years. John, John, I Well, I mean, I know

it's been a tough period, but you know AT&T

better than anyone. You're our biggest champion.

And I think that's the problem. Maybe I'm too much of a cheerleader. Maybe I'm too set in my old school ways. But whatever the issue is, Washington has made it clear that they want nothing to do with me. I've become a liability. Oh, you're not, John. Come on, you've still got two more years in you.

That's plenty of time to keep the company together.

Imagine, you'll be the man who saved AT&T.

John downs his whiskey before putting the glass back on the table.

No, Charlie, no, I think I'm done.

It's going to be up to you to save Ma Bell.

The following evening, John DeButs attended a private dinner with AT&T's board of directors

and announced his retirement, effective at the start of 1979. During the same dinner, he also

...