Verizon Announces Vestberg to Replace McAdam as CEO on Aug. 1; Don’t Expect Changes to Strategy
Verizon announced Lowell McAdam will step down as CEO on Aug. 1 and be replaced by Hans Vestberg. This was a planned succession, and we don’t see any major changes in Verizon’s strategy as McAdam will remain chairman. We are maintaining our $52 per share fair value estimate and narrow moat rating. We believe the shares are fairly valued.We think Vestberg is an excellent choice as a replacement. He is currently executive vice president and president of global networks and chief technology offic...
Verizon Communications is a holding company. Through its subsidiaries, the company provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The company has two reportable segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The company's Consumer segment provides consumer-focused wireless and wireline communications services and products under the Verizon brand and through wholesale and other arrangements. The company's Business segment provides, among others, wireless and wireline communications services and products, video and data services, corporate networking solutions, security and managed network services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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