Verizon Communications Inc. Chief Financial Officer Fran Shammo is retiring at the end of December after 27 years at the telecommunications giant and its predecessors.
Shammo, 55, will be replaced by Matt Ellis, who’s currently CFO for operations finance, Verizon said in a statement Thursday. Shammo will hand over the CFO title to Ellis on Nov. 1, then will stay through the end of the year to help with the transition.
Shammo will have held the role for six years when he steps down, leaving Verizon a very different place from where he started. The company acquired full ownership of its wireless business in 2014 in a $130 billion deal with former partner Vodafone Group Plc, with Shammo leading the effort to arrange financing for the transaction. In the past two years, the company has begun building a media business, agreeing to acquire AOL Inc. and Yahoo! Inc.
Verizon shares have provided a total return of more than double since 2010, including dividend reinvestment, in line with the S&P 500 Index.