AT&T ( T) promoted a pair of top executives, giving President William J. Hannigan an added chief operating officer title and making finance chief Tom Horton a vice chairman. "Over the past two years AT&T has had to navigate through incredibly challenging industry dynamics," said CEO David Dorman. "These two leaders have been instrumental in the transformation of AT&T to a much more competitive and financially solid company that is now extending its leadership as a global network integrator. The board of directors recognizes them for their many accomplishments and their expanded responsibilities." The news comes as the company endures eroding prices in the business communications services market it dominates. AT&T, which slashed 12,000 jobs last year and says it will make more trims in 2005, this week warned Wall Street that it would suffer a $5 billion annual revenue decline for the year, a steeper drop than analysts had expected. Hannigan joined AT&T in December 2003 and has overseen the business services unit and all aspects of AT&T's network, engineering and research units. He has assumed additional responsibilities, including AT&T's new wireless services unit, voice-over-Internet-protocol growth initiatives and advertising. Horton joined the company in June of 2002, focusing on giving AT&T greater financial flexibility. Under his leadership, the company has reduced gross debt by 75%, the company said. Horton has since assumed responsibility for corporate strategy and mergers and acquisitions. Dorman, Hannigan and Horton, along with AT&T Consumer Services President John Polumbo, make up AT&T's office of the chairman. On Friday, AT&T added a dime to $18.17.