For every executive, there comes a time to hang up the hat. For Verizon (News - Alert) CFO Francis J. (Fran) Shammo, that time is very soon. According to an announcement, the 27-year veteran of the company will say a much deserved farewell at the end of this year. Prior to formal retirement, he will step down as EVP and CFO on November 1.
Verizon's Board of Directors has appointed Matthew D. Ellis as Shammo’s successor. He is currently SVP and CFO - Operations Finance, responsible for providing financial support to Verizon's wireless and wireline business units.
“I've worked closely with Fran for many years and have been continually impressed by his success at balancing the needs of customers, shareholders and employees,” said Lowell McAdam (News - Alert), Chairman and CEO, Verizon. “He has been a tremendous leader, and a voice of sound advice and counsel to me and the rest of Verizon's leadership team. 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.”
Shammo, 55, was appointed Verizon CFO in November 2010, with responsibility for the company's finance and strategic planning operations, and financial transaction services. Under his leadership, Verizon has focused on a strategy of network investment, strong dividends and transactions designed to deliver sustainable shareholder value. The company has divested non-strategic assets while securing complete ownership of Verizon Wireless and acquiring other assets like AOL (News - Alert), Telogis, and most recently, Fleetmatics Group and Yahoo! that position the company for future growth in the mobile video and IoT markets.
“This is a great time for me to make this personal move,” Shammo said. “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.”
Ellis will report to McAdam as Verizon CFO.
McAdam said, “I'm also pleased that we have such great bench strength at Verizon that our Board could appoint an executive as accomplished as Matt Ellis to succeed Fran. Within months of joining Verizon as treasurer in 2013, Matt led the team that raised a record $49 billion in one day to help finance Verizon's acquisition of Vodafone (News - Alert)'s interest in Verizon Wireless.”
Prior to Ellis’ current role, he was SVP and treasurer for Verizon, responsible for corporate-wide financing, cash management, pension and insurance activities, as well as the Verizon Capital Group. Ellis joined Verizon in 2013, after having spent 15 years at Tyson Foods, Inc. in a variety of roles. Ellis holds a Bachelor of Commerce (Accounting) degree from the University of Birmingham in the United Kingdom.