lular systems into nationwide digital service that redefined wireless in- dustry. 2. But time was always our enemy and we ran out of it. Industry-wide decline in long distance voice masks new revenue growth and is accelerating at a faster pace than anyone thought. (Ask WorldCom.) Customers place greater value on bundles within the same facility-e.g., voice, video and data on cable, local and long distance on wireless. Bundling across facilities best done through commercial contracts. Cross-unit management slowed down decision-making. 3. Restructuring combines power of single vision with speed and focus of separate companies. Each new AT&T business will have the resources to pro- vide facilities-based, end-to-end broadband services. They will also be able to bundle each other's services on a single bill, if that's what customers want. Investors will be able to buy shares of the company that best meets their financial goals-e.g., income or growth. It's Okay to Change Your Mind Armstrong didn't buy it. He had no argument with my litany of accomplishments, but to his mind, he had not run out of time and he was not changing his strategy. All he was doing was changing the company's structure; the shareowners would still own the same assets, just in four stocks rather than one. In fact, as he got into his salesman's spiel, it became even clearer to him that his strategy all along had been to build three new networks-wireless, cable, and data. Mission accomplished. Now it was time to turn them loose. I dutifully developed a communications plan to position the re- structuring (never "the breakup") as "the next logical step in AT&T's transformation." By the time I presented it to the AT&T board at the end of a very long day on October 23, the story had already leaked. In fact, before the meeting began, as the directors took their turns at the coffee urn, one of them wondered out loud whether the board even needed to meet, since the Wall Street Journal itself had apparently set- tled any remaining debate on the company's re