Verizon CFO Shammo to retire

By:
James Pearce
Published on:

Verizon Communications' chief financial officer Francis Shammo has announced his retirement after 27 years with the company

He will be replaced by current CFO operations finance Matt Ellis, who will take over the role from November 1.

Shammo became CFO in November 2010, overseeing Verizon Communications’ finance and strategic planning operations. Under his tenure, he generated financing for a number of acquisitions, including the $49 billion buyout of Verizon Wireless from Vodafone in 2014, and AOL for $4.4 billion last year.

Shammo said:, “This is a great time for me to make this personal move. 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.”

Prior to his appointment as CFO, Shammo was president and CEO at Verizon Telecom and Business. He joined the company in 1989, when it was Bell Atlantic Mobile. During his time as CFO, he reported directly in to Verizon chairman and CEO Lowell McAdam

“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,” McAdam said.

“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 will remain with the company until the end of the year, but will hand over responsibilities to Ellis in November. In his new role, Ellis will report directly into McAdam, and Verizon said his successor will be announced at a later date.

He joined Verizon in 2013, having spent more than 15 years holding a variety of roles at Tyson Foods. He has also held stints at Dixons Stokes Group in the UK, and as a chartered accountant for Coopers & Lybrand.

McAdam added: “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’s interest in Verizon Wireless.”