COO and President Denny Strigl is retiring at the end of the year, and instead of replacing him, Verizon is combining its consumer and business landline units, and giving CEO Ivan Seidenberg direct oversight of the executives under him.
“This very logical step reflects our commitment to eliminate duplication, drive down costs, and find new ways to stimulate growth,” Seidenberg said in a prepared statement.
The Verizon Telecom and Verizon Business divisions both have been hit by the U.S. recession; the management shuffle is intended to save some money while also running Verizon more efficiently. To that end, Francis Shamoo, who ran Verizon Business, will serve as president of the combined landline group. Daniel Mead, who was head of Verizon Telecom, now will work as operating chief for Verizon Wireless. He’s replacing Jack Plating, who said last Friday he is retiring. Lowell McAdam remains president and CEO of Verizon Wireless.
Verizon’s stock had reached $30.14, an 18-cent increase, by 1:52 p.m. Eastern.