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Verizon CEO tries another management shakeup
2 Min Read
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Verizon CEO Hans Vestberg announced another reshuffling of the company’s front office in an attempt to rekindle investor interest in the company.
Specifically, Vestberg:
Named Sowmyanarayan Sampath as head of Verizon’s Consumer business, the company’s biggest unit. Sampath just last year was named CEO of Verizon Business, having taken over the position from Tami Erwin. Sampath is the third executive chosen by Vestberg to head up Verizon’s struggling Consumer business after Ronan Dunne (2016 to 2021) and Manon Brouillette (2021-2022).
Moved Kyle Malady from Verizon’s network operation to Sampath’s old job as CEO of Verizon Business. He also promoted Joe Russo, previously SVP and chief network officer, to Malady’s old job of EVP and president of global networks and technology.
Showed CFO Matt Ellis the door, with Controller Tony Skiadas taking over CFO duties while Vestberg looks for a permanent replacement.
Vestberg described the company’s new team as its “next-generation leadership,” according to The Wall Street Journal. “I think we were sleeping a little bit at the wheel,” he said.
Vestberg remains
Vestberg is both Verizon’s CEO and chairman. He told the WSJ that he would remain in his job as long as he has the support of the stakeholders. But that might not be much longer; as the publication pointed out, Verizon shares have fallen about 26% during Vestberg’s tenure, while the S&P 500 index has increased over 41% over the same period.
Indeed, some analysts had begun calling for a Vestberg replacement in the middle of last year amid the company’s historic loss of customers.
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