- Verizon Communications Inc VZ announced several executive management changes.
- CFO Matt Ellis will depart to pursue other interests, effective May 1. Ellis has been the CFO since November 2016.
- Verizon named Senior Vice President & Controller Tony Skiadas as the new CFO.
- Verizon appointed Sowmyanarayan Sampath, currently leading Verizon Business Group, as Executive Vice President and CEO of Verizon Consumer Group (VCG).
- Kyle Malady, currently leading Global Networks & Technology, became the Executive Vice President and CEO of Verizon Business Group (VBG).
- Verizon named Joe Russo, Senior Vice President, and Chief Network Officer, as Executive Vice President and President of Global Networks and Technology. Russo succeeded Malady.
- In January, Verizon reported a fourth-quarter FY22 sales growth of 3.5% year-on-year to $35.3 billion, beating the consensus of $35.1 billion.
- Adjusted EPS of $1.19 was in line with the consensus.
- Postpaid phone net additions of 217,000, and retail postpaid net additions of 1,434,000, marked the best single-quarter performance in seven years.
- The quarter marked 416,000 total broadband net additions.
- Price action: VZ shares traded higher by 0.36% at $38.55 in premarket on the last check Friday.
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