AT&T Appoints Dwyer As Vice President And Treasurer; Prendergast Named Chairman, AT&T Investment Management Corp.

NEW YORK--(BUSINESS WIRE)--May 12, 1997--AT&T today appointed Edward M. Dwyer, senior vice president and chief financial officer of the recently sold AT&T Capital Corporation, as vice president and treasurer, effective May 22. Dwyer replaces S. Lawrence (Larry) Prendergast, who will become chairman and chief executive officer of AT&T Investment Management Corporation (ATTIMCO).

Dwyer, 40, will be responsible for managing the financial assets of the business, including supporting AT&T's capital requirements and financing activities. In addition, he will be responsible for all traditional treasury activities, including the company's relationships with investment and commercial banks, and credit rating agencies.

Prendergast, 56, will direct the investment management of AT&T pension funds and savings plans, and actuarial matters. Pension and savings plan investments managed by ATTIMCO totaled more than $75 billion as of December 31, 1996. He succeeds David P. Feldman, who retired from AT&T earlier this year to pursue other interests.

Both Dwyer and Prendergast will report to Dan Somers, the company's recently named senior executive vice president and chief financial officer.

Prendergast began his career with AT&T in 1963, and joined the company's treasury organization in 1974. After completing a number of financial assignments, he became assistant treasurer in 1980 and assumed his current position of vice president and treasurer in 1983. "As treasurer, Larry has been a guiding light to AT&T during a period of unprecedented change and complexity," said AT&T Chairman Robert E. Allen. "We're really pleased he'll now bring his considerable skills to this important role."

Prendergast's tenure as AT&T treasurer spanned an historic period, including the company's original divestiture in 1984, when AT&T spun-off the seven regional Bell operating companies, and the recently completed strategic restructuring, announced in 1995, in which he oversaw the Lucent IPO and subsequent spin-offs of Lucent and NCR.

He graduated from Brown University in 1963 with a degree in Mathematics and received a MBA from New York University in 1969. Prendergast serves on a number of internal AT&T boards and is also a director of the Turrell Fund, a trustee of the Committee for Economic Development, and a member of the Financial Executives Institute and the National Association of Corporate Treasurers. He and his wife, Mary, live in New Vernon, N.J., and have three grown children.

Dwyer has been senior vice president and chief financial officer of AT&T Capital Corporation for the past three years. AT&T Capital, formerly majority owned by AT&T, is now a privately held company that provides diversified equipment leasing, financing, and related services to approximately 500,000 commercial customers globally. Prior to joining AT&T Capital in 1989, Dwyer held various finance and treasury positions with AT&T. He also spent four years as an accountant with Coopers & Lybrand.

Dwyer received his bachelor's degree from Temple University in 1978, earned his CPA in 1980 and completed his MBA at the Wharton School of Business in 1983. He and his wife, Mary Lou, and four children live in Whitehouse Station, N.J.

AT&T is the world's premier communications and information services company, serving more than 90 million customers, including consumers, businesses and government. The company has annual revenues of more than $52 billion and operates in more than 200 countries and territories around the world.

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