Verizon CFO Shammo to retire at the end of 2016

Reuters News
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Posted: Sep 01, 2016 4:24 PM

By Malathi Nayak

NEW YORK (Reuters) - Verizon Communications Inc <VZ.N> said on Thursday that its chief financial officer, Francis Shammo, plans to retire at the end of the year and will step down from his role on Nov. 1.

Verizon said its board of directors appointed Matthew D. Ellis, who is currently senior vice president and CFO-operations finance, to succeed Shammo.

Shammo, 55, will be leaving after 27 years with the company. He took on the CFO role at Verizon in 2010 and joined Verizon's predecessor company, Bell Atlantic Mobile, in 1989.

"This is a great time for me to make this personal move," Shammo said in a statement. "For Verizon, 2016 has been a significant transformational year, and I will leave knowing that the company is well-positioned to deliver on its strategic initiatives."

Ellis, 45, came to Verizon in 2013 after 15 years at Tyson Foods Inc <TSN.N> in various roles.

(Reporting by Malathi Nayak; Editing by Leslie Adler and Cynthia Osterman)