Telecom giant Verizon continues to overhaul executive lineup, with long-time CFO Fran Shammo to leave company by year-end, replaced by Matt Ellis
Long-time Verizon Communications CFO Fran Shammo is set to retire from the telecommunications giant by year-end, in the latest executive shift for the carrier.
Shammo is set to relinquish his CFO and EVP roles on Nov. 1, and leave the company entirely by the end of the year. Shammo has been with Verizon for 27 years, having served in various management roles in the company before taking the CFO role in 2010.
“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.”
That transition will see Matt Ellis take over Shammo’s role as both EVP and CFO, moving up from his current position as SVP and CFO for operations finance where he reported to John Stratton, EVP and president of operations. Ellis has been with the company since 2013, first as treasurer, and previously served for 15 years in various management roles at Tyson Foods.
“While Fran will be greatly missed, I respect his decision to retire, and I am pleased that he will stay through year-end to ensure a smooth transition,” noted Verizon Communications CEO Lowell McAdam, in a statement.
Verizon Communications said it would name a replacement for Ellis at a “future date.”
The move follows recent executive changes at the company.
Former O2 CEO Ronan Dunne was recently tapped to take over as group president for Verizon Wireless. Dunne replaces David Small, who is being moved to head of Verizon’s global wireline network operations. Small, in turn, replaces Bob Mudge, who Stratton moved to lead a pair of fiber-related initiatives, including the integration of XO Communications and Verizon’s Boston fiber build.
The company in July also hired YouTube’s Ivana Kirkbride to be chief content officer for its Go90 video service as it looks to further expand its streaming content operations.
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