Malone may bolt AT&T board

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Liberty Media honcho John Malone may vacate his seat on the AT&T board of directors as part of the proposed Liberty spinoff by AT&T, The Wall Street Journal reports.

AT&T Chairman C. Michael Armstrong wants Malone to leave, according to the Journal report, once Liberty receives a favorable ruling on the spoinoff from the Internal Revenue Service. The two executives re known to have serious disagreements between them over AT&T's strategic direction.

Malone had exorted creation of a tracking stock for AT&T's cable assets when it acquired his Tele-Communications Inc. for $44 billion in 1999 - and Malone became a board member. Armstrong initially agreed, but ultimately decided against it. Malone's current board term runs out in 2003.

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