AT&T's WarnerMedia Names Hulu Co-Founder Jason Kilar as CEO

Jason Kilar is replacing John Stankey, AT&T's president and chief operating officer.
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WarnerMedia has a new CEO: Jason Kilar, a longtime media executive who co-founded Hulu. 

AT&T's  (T) - Get Report WarnerMedia announced the move in a press release on Wednesday. Shares of AT&T, WarnerMedia's parent company, were trading 3.32% lower on Wednesday at $28.24.

“Jason is a dynamic executive with the right skill set to lead WarnerMedia into the future. His experience in media and entertainment, direct-to-consumer video streaming and advertising is the perfect fit for WarnerMedia, and I am excited to have him lead the next chapter of WarnerMedia’s storied success,” said John Stankey, AT&T's president and chief operating officer. 

Stankey currently is the CEO of WarnerMedia, but Kilar will take over May 1. 

Kilar co-founded Hulu and served as CEO until 2013. He also held various leadership roles at  (AMZN) - Get Report in software development. 

Kilar's appointment comes weeks before WarnerMedia's launch of HBO Max. 

HBO Max is due to launch in May, and will offer a broad catalog of wholly-owned and licensed content for $15 per month.