Randall Stephenson, CEO of AT&T, admitted that hiring Michael Cohen was a "big mistake."

AT&T Inc. (T - Get Report) has had a rough couple of days after it was reported that the company had hired President Trump's former lawyer, Michael Cohen as a consultant.

Randall Stephenson, CEO, admitted that hiring Cohen was a "big mistake" in an employee memo released on Friday morning.

"To be clear, everything we [AT&T] did was done according to the law and entirely legitimate. But the fact is, our past association with Cohen was a serious misjudgment," said Stephenson in the memo.

The memo also states that Bob Quinn, head lobbyist of AT&T, who oversaw the hiring of Cohen, is retiring.

According to a fact sheet provided with the memo, Cohen approached AT&T's External Affairs organization.

"In early 2017, as President Trump was taking office, AT&T hired several consultants to help us understand how the president and his administration might approach a wide range of policy issues important to the company," the fact sheet states.