Verizon makes senior management changes to bolster its growth plans

Hans Vestberg, Chief Executive Officer and Chairman at Verizon

Verizon Communications announced a number of executive management changes designed to set a path for the company’s future growth plans. As part of the changes, Hans Vestberg has appointed Sowmyanarayan Sampath, who is currently leading Verizon Business Group, to Executive Vice President and Chief Executive Officer of Verizon Consumer Group (VCG).

What are the senior management changes at Verizon?

Sampath’s expertise in the industry and distinct tenure at Verizon include transformative work on VCG’s operating model and empowering its customer-facing firm. Sampath is the ideal leader for VCG and will relentlessly focus on growing the business in a customer first, agile, financially disciplined way to increase loyalty and welcome new clients across the portfolio.

Kyle Malady, currently leading Global Networks & Technology, has been appointed Executive Vice President and CEO of Verizon Business Group (VBG). His experience and deep technology business acumen will be critical to advancing Verizon Business as the partner of choice for customers’ digital transformation efforts. In his new role, Malady will continue VBG’s wireline efficiency programs and build on its strong wireless growth momentum.

Succeeding Malady, Joe Russo, SVP and Chief Network Officer, was named Executive Vice President and President of Global Networks and Technology. Russo brings extensive, hands-on knowledge and a deep understanding of Verizon’s global networks to his new role.

He will focus on delivering an exceptional network experience for customers by continuing to improve the industry’s most reliable network and the industry’s most aggressive spectrum deployment with C-Band, optimizing 5G, and driving network efficiencies.

Additionally, Matt Ellis, who has served as the Executive Vice President and CFO of Verizon since November 2016, will be leaving the firm to pursue other interests, effective May 1.

SVP & Controller of Verizon Tony Skiadas has been appointed CFO. Skiadas has led multiple teams within the Finance organization over his lengthy career at Verizon and will ensure the Finance organization remains laser focused on continuing with cost reduction and efficiency efforts while the firm conducts a search for a successor. Mary-Lee Stillwell, Vice President of Accounting and External Reporting, has been appointed Senior Vice President & Controller.

What do the management changes mean for Verizon?

“These appointments will grow the next generation of our leadership teams as we unleash Verizon’s full potential moving forward,” said Verizon Chairman and CEO Hans Vestberg.

“This is a significant step in the transformation we started four years ago to be customers’ choice for the next generation of communications technology. We’re elevating our performance by building on our network strength, increasing accountability, and further strengthening Verizon’s competitive capabilities,” Hans Vestberg further commented.

“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. I am confident these leaders will best position Verizon for the new era of customer growth. In addition, these transitions will begin immediately and all will report directly to me,” said Vestberg.

“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.