Verizon realigns organization structure to optimize growth opportunities in 5G era

Customer-facing consumer, business and media operating groups to be supported by corporate-wide technology and staff organizations

NEW YORK, Nov. 05, 2018 (GLOBE NEWSWIRE) -- To deliver new best-in-class customer experiences and to ensure first-to-market leadership in the 5G era, Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced a new operating structure focused on three customer-facing areas: Consumer, Business and Verizon Media Group / Oath.

These groups will be supported by a network and IT organization, and corporate-wide staff functions. The changes will be effective Jan. 1, 2019. Verizon expects to transition to financial reporting under the new structure during second-quarter 2019.

“This new structure reflects a clear strategy that starts with Verizon customers,” said CEO Hans Vestberg. “We’re building on our network transformation efforts and the Intelligent Edge architecture to deliver new customer experiences and optimize the growth opportunities we see as leaders in the 5G era. We’re focused on how our technology can benefit customers’ lives and society at large.”

Verizon Consumer Group will include the consumer segment for both the company’s wireless and wireline businesses, including wireless wholesale. It will be led by Ronan Dunne, currently executive vice president and president of Verizon Wireless.

Verizon Business Group will include the wireless and wireline enterprise, small and medium business, and government businesses, 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, gaming, news, commerce and other services. It will be led by Guru Gowrappan, who was previously announced as Oath CEO.

Verizon’s Global Network & Technology organization, which will serve all company operations, will be led by Kyle Malady, currently chief network operations officer and chief technology officer.

There are no changes in leadership for company-wide staff functions.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated $126 billion in 2017 revenues. The company operates America’s most reliable wireless network and the nation’s premier all-fiber network, and delivers integrated solutions to businesses worldwide. Its Oath subsidiary reaches people around the world with a dynamic house 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 the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “estimates,” “expects,” “hopes” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: adverse conditions in the U.S. and international economies; the effects of competition in the markets in which we operate; material changes in technology or technology substitution; disruption of our key suppliers’ provisioning of products or services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; breaches of network or information technology security, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; our high level of indebtedness; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; the inability to implement our business strategies; and the inability to realize the expected benefits of strategic transactions.

Media contact:

Bob Varettoni

917.734.4156