Verizon Names New Finance Chief to Replace Retiring Shammo

Verizon Communications Inc. on Thursday named company executive Matthew Ellis as its next chief financial officer to replace the retiring Francis Shammo, a 27-year veteran of the company.

Mr. Ellis, 45 years old, is a senior vice president and chief financial officer, operations finance, tasked with providing support to Verizon's wireless and wireline businesses. He joined Verizon in 2013 after 15 years at Tyson Foods Inc.

The financial-chief transition will take place Nov. 1 before the retirement of Mr. Shammo at the end of the year.

The 55-year-old Mr. Shammo has been in his current position, responsible for Verizon's finance and strategic planning operations and financial transaction services, since 2010. During his tenure, Verizon acquired Vodafone PLC's 45% stake in their Verizon Wireless venture for $130 billion.

Verizon continues to be acquisitive, especially as it seeks to build a digital-media business to compete with Facebook and Google for advertising dollars. Verizon gained some ad technology and websites last year by buying AOL Inc. for $4.4 billion. It doubled down in July by agreeing to pay $4.8 billion for Yahoo Inc.'s core internet businesses.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

September 01, 2016 17:55 ET (21:55 GMT)

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