Verizon CFO set to exit amid reshuffling

Dive Brief:

Verizon Communications said its CFO is stepping down and will be replaced by a senior member of the finance team, as part of a reshuffling within the company’s leadership ranks.
Matt Ellis, who has served as Verizon’s CFO since November 2016, will be leaving to “pursue other interests,” effective May 1, the company said in a statement Friday.
Verizon Senior Vice President and Controller Tony Skiadas will take over as CFO, according to the statement. He will do so temporarily until a permanent replacement is named, Verizon spokesperson Richard Young told CFO Dive.

Dive Insight:

The New York-headquartered telecommunications giant said it was making a number of executive management changes designed to set a path for its future growth plans.

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

Verizon also announced that Sowmyanarayan Sampath, currently head of Verizon Business Group, which manages the company’s business and government clients, was named executive vice president and CEO of Verizon Consumer Group. Sampath is being replaced by Kyle Malady, who is currently head of Global Networks and Technology.

Effective May 1, Skiadas’ base salary will increase from $625,000 to $800,000, the company said in a Thursday Securities and Exchange Commission filing. Skiadas has served as Verizon’s senior vice president and controller since 2013, it said.

He will ensure the finance department “remains laser focused on continuing with cost reduction and efficiency efforts while the company conducts a search for a successor,” according to the company’s statement.

Mary-Lee Stillwell, currently vice president of accounting and external reporting, has been appointed senior vice president and controller, it said.