Meet the Verizon Woman Behind the Yahoo Deal

By Ryan Knutson 

Two years ago, the CEO of Verizon Communications Inc. handed a rising lieutenant a big job: build three business units that can each generate $5 billion of revenue a year.

That executive is Marni Walden, a 49-year-old from Wyoming who started in wireless at the retail level more than two decades ago.

"It was daunting, I suppose," Ms. Walden says of Verizon CEO Lowell McAdam's request. "How do you set up several businesses that have the potential for generating multibillion-dollar revenue streams for Verizon?"

At the time, Ms. Walden was the chief operating officer of the company's wireless division. She has since been promoted to oversee strategic development, new businesses and product innovation, becoming one of the company's top five paid officers. She earned $6.8 million in compensation last year, according to the company's proxy statement, and is one of two women in Verizon's top leadership ranks.

With the $4.8 billion acquisition of Yahoo , Ms. Walden is part of the way to achieving her mandate. Last year, Yahoo had revenue of $4.9 billion. It will be paired with AOL, which had an estimated $2.7 billion of revenue the year Verizon acquired it. AOL CEO Tim Armstrong reports to her and will o versee the integration of Yahoo and its 8,800 employees.

The other two businesses Ms. Walden oversees are Verizon's internet of things operation, which involves connecting objects in the real world to the internet, and telematics, which involves connecting cars to the wireless network. Verizon said its internet of things business generated $195 million of revenue during the first three months of 2016, up 25% from the same period a year earlier.

A graduate of California State University at Chico State, Ms. Walden spent the early part of her career as a branch director for AirTouch Cellular in Colorado and Wyoming. She moved onto to lead Verizon Wireless' Southern California region, and then its Midwest operations, spanning 15 states. Eventually she became chief marketing officer for the wireless business.

She has an unconventional and effective way to ensure on-time attendance to her meetings: Anyone who is late must sing karaoke, according to a former employee who has witnessed the practice.

She is widely considered to be among a short-list of possible candidates to replace Mr. McAdam, 62, who has been CEO since 2011, when he eventually steps down. Another executive on the shortlist is John Stratton, who runs Verizon's wireless, wireline and enterprise units.

Mr. McAdam said he's pleased with Ms. Walden's success. "Marni can see the market," Mr. McAdam said. "I had confidence that she could see things and get them done."

Write to Ryan Knutson at [e-mail]

(END) Dow Jones Newswires

July 25, 2016 17:42 ET (21:42 GMT)

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