Verizon Communications has officially promoted Tony Skiadas, a longtime veteran of the company, from his interim role to become the permanent CFO, as announced by the CEO.
Skiadas’ appointment as interim CFO earlier this year was part of several leadership changes announced at that time. Among these changes, Sowmyanarayan Sampath, who led Verizon Business Group, was named Executive Vice President and CEO of Verizon Consumer Group. Sampath, in turn, was succeeded by Kyle Malady, the former head of Global Networks and Technology.
Skiadas, who has dedicated nearly three decades to his career at Verizon, previously held the position of Senior Vice President and Controller at the telecommunications giant. He assumed the role of interim CFO in March, and his appointment officially began on May 1, following the departure of his predecessor, Matt Ellis, who left to pursue other interests.
In its recent report, Verizon disclosed that it ended the third quarter with approximately 10.3 million broadband subscribers, marking a nearly 21% increase year over year. The company’s total operating revenue for the quarter, which stood at $33.3 billion, surpassed analysts’ expectations, leading to its best stock performance in 15 years, as reported by CNBC. In the same earnings report, the company adjusted its 2023 outlook, anticipating that free cash flow would exceed $18 billion, a $1 billion increase compared to its previous guidance.
During an earnings call last week, Skiadas emphasized that the results reflect the company’s progress in achieving key objectives, including improving free cash flow and growing wireless service revenue.
In a previous regulatory filing, Verizon had indicated that Skiadas’ base salary would increase from $625,000 to $800,000 as of May 1. As of now, there have been no further changes to his current compensation, according to a company spokesperson.
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