Walter Quits Job As At&T; President

John Walter resigned Wednesday as president of AT&T Corp. after the company backed out of its promise to make him the successor to chairman and chief executive Robert Allen.

Walter was hired by AT&T in October from printer R.R. Donnelley and was touted as the next leader of the long-distance giant after its splitup into three companies.

Walter will get $3.8 million for losing out on the top job in addition to the $22 million he was paid to leave his previous job.