Verizon realigns its organizational structure to optimize growth


Consumer, business and media operating groups with direct contact with customers must be supported by technology and enterprise-wide personnel organizations

NEW YORK, November 05, 2018 (GLOBE NEWSWIRE) – To deliver new, first-rate customer experiences and provide industry-leading market leadership in the 5G era, Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced a new operational structure focused on three customer business areas: Consumer, Business and Verizon Media Group / Oath.

These groups will be supported by a network and IT organization, as well as company-wide staff functions. The changes are effective January 1, 2019. Verizon plans to transition to financial reporting under the new structure in the second quarter of 2019.

“This new structure reflects a clear strategy that begins with Verizon customers,” said CEO Hans Vestberg. “We are leveraging our network transformation efforts and the Intelligent Edge architecture to deliver new customer experiences and maximize the growth opportunities we see as leaders in the 5G era. We focus on how our technology can benefit the lives of customers and society as a whole. “

Verizon Consumer Group will include the consumer segment for the Company’s wireless and wireline businesses, including wholesaling wireless services. It will be chaired by Ronan Dunne, currently Executive Vice President and President of Verizon Wireless.

Verizon Business Group will include wireless and wireline businesses, small and medium-sized businesses, and government enterprises, as well as wireline wholesale and Verizon Connect, the company’s telematics business. It will be led by Tami Erwin, currently Executive Vice President – Wireless Operations.

Verizon Media Group / Oath sits at the intersection of media, advertising, and technology, helping people access and receive media, entertainment, games, news, commerce, and other services. It will be led by Guru Gowrappan, who was previously announced as CEO of Oath.

Verizon’s Global Network & Technology organization, which will serve all of the company’s operations, will be led by Kyle Malady, currently Director of Network Operations and CTO.

There is no change of direction for personnel functions across the company.

New York-headquartered Verizon Communications Inc. (NYSE, Nasdaq: VZ) generated $ 126 billion in revenue in 2017. The company operates America’s most reliable wireless network and the country’s first all-fiber network, and provides integrated solutions to businesses around the world. Its Oath subsidiary reaches people around the world with a vibrant home of media and technology brands.

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Forward-looking statements
In this communication, we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include information about our possible or expected future operating results. Forward-looking statements also include those preceded or followed by the words “expects”, “believes”, “believes”, “expects”, “hopes” or similar expressions. For these statements, we claim safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We assume no obligation to review or publish the results of any revision of these forward-looking statements, to exception as required by law. In view of these risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. The following important factors, as well as those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause such results to differ materially from those expressed in forward-looking statements: adverse conditions in the US and international economies; the effects of competition in the markets in which we operate; significant changes in technology or technological substitution; disruption of the supply of products or services by our major suppliers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; network or information technology security breaches, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; our high level of debt; an adverse change in the ratings given to our debt securities by nationally accredited rating organizations or adverse credit market conditions affecting the cost, including interest rates, and / or the availability of funding additional; material adverse changes in labor matters, including collective bargaining, and any resulting financial and / or operational impact; significant increases in benefit plan costs or lower returns on investments in plan assets; changes in tax laws or treaties, or in their interpretation; changes in accounting assumptions that regulators, including the SEC, may require or that result from changes in accounting rules or their application, which could impact results; failure to implement our business strategies; and the inability to realize the expected benefits of strategic transactions.

Media contact:
Bob varettoni
[email protected]

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