Verizon CFO Fran Shammo to Retire

Verizon CTO and executive VP Fran Shammo will step down after 27 years with the company, effective Nov. 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 senior VP 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 of 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.

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