Verizon CTO and EVP Fran Shammo will step down after 27 years with the company, effective November 1, and will retire at the end of 2016, Verizon announced Thursday.
The Verizon board has appointed Matthew Ellis to succeed Shammo, who was appointed Verizon CFO in November 2010. Shammo, 55, joined Verizon predecessor company Bell Atlantic Mobile in 1989.
Ellis, 45, has been serving as SVP and CFO of Operations Finance, responsible for providing financial support to Verizon’s wireless and wireline business units. He led the team that raised $49 billion in a day to help finance Verizon’s acquisition Vodafone’s interest in Verizon Wireless, the company noted.
Ellis joined Verizon in 2013 following 15 years at Tyson Foods in a variety of roles, including VP and treasurer. Ellis is also late of Dixons Stores Group PLC and Coopers & Lybrand. Ellis holds a Bachelor of Commerce (Accounting) degree from the University of Birmingham in the United Kingdom.
“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. He has been a tremendous leader, and a voice of sound advice and counsel to me and the rest of Verizon’s leadership team,” Verizon chairman and CEO Lowell McAdam said, in a statement. “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.”
“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.”
During Shammo’s tenure as CFO, he played a key role in the company’s divestiture of non-strategic assets as well as several acquisitions, including AOL in 2015, Telogis and, more recently, deals for Ireland-based provider of fleet and mobile workforce management products Fleetmatics Group PLC and Yahoo.