Changes include CFO Matt Ellis will stepping down for his role, as well as new CEO appointments for Verizon Consumer Group (VCG) and Verizon Business Group (VBG)

Verizon’s latest financial results, reported in January, were something of a disappointment, with the company suggesting that strong competition coupled with a tough global economy had forced it to lower its forecasted profit for the financial year.

Perhaps this is why today we are seeing a wave of executive changes across the company, with the company aiming to “further strengthen [its] competitive capabilities”, according to Verizon chairman and CEO Hans Vestberg.

Perhaps the largest of these changes is that EVP and CFO Matt Ellis stepping down from his role after seven years to pursue other interests. He will be replaced by SVP and controller Tony Skiadas, who, in turn, will be replaced by Mary-Lee Stillwell, currently VP of accounting and external reporting.

“I appreciate the contributions Matt has made to Verizon in his 10 years with the company, shaping our organization with his strong leadership and financial aptitude. He’s been an influential member of my executive leadership team and a trusted partner. I wish him all the best for the future as he now moves on to new opportunities,” said Vestberg.

Other changes include the appointment of Sowmyanarayan Sampath, currently head of VBG, as EVP and CEO of VCG.

The vacant CEO role at VBG will be taken by Kyle Malady, Verizon’s current head of global networks and technology.

As the final step in the reshuffle, Joe Russo, SVP and chief network officer, will succeed Malady as head of global networks and technology.

“One of our strengths at Verizon is the depth of our leadership and the breadth of skills they bring to the table. Sampath, Kyle and Joe are long-time Verizon veterans,” explained Vestberg. “I am confident these leaders will best position Verizon for the new era of customer growth. These transitions will begin immediately and all will report directly to me.”

How is the US telecoms market evolving in 2023? Join the telecoms industry in discussion at this year’s live Connected America conference in Dallas, Texas later this month!

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