Verizon Names New Finance Chief to Replace Retiring Shammo
02 September 2016 - 8:10AM
Dow Jones News
Verizon Communications Inc. on Thursday named company executive
Matthew Ellis as its next chief financial officer to replace the
retiring Francis Shammo, a 27-year veteran of the company.
Mr. Ellis, 45 years old, is a senior vice president and chief
financial officer, operations finance, tasked with providing
support to Verizon's wireless and wireline businesses. He joined
Verizon in 2013 after 15 years at Tyson Foods Inc.
The financial-chief transition will take place Nov. 1 before the
retirement of Mr. Shammo at the end of the year.
The 55-year-old Mr. Shammo has been in his current position,
responsible for Verizon's finance and strategic planning operations
and financial transaction services, since 2010. During his tenure,
Verizon acquired Vodafone PLC's 45% stake in their Verizon Wireless
venture for $130 billion.
Verizon continues to be acquisitive, especially as it seeks to
build a digital-media business to compete with Facebook and Google
for advertising dollars. Verizon gained some ad technology and
websites last year by buying AOL Inc. for $4.4 billion. It doubled
down in July by agreeing to pay $4.8 billion for Yahoo Inc.'s core
internet businesses.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
September 01, 2016 17:55 ET (21:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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