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Verizon CFO Fran Shammo to Retire at End of 2016

Telco names Matt Ellis as chief financial officer effective Nov. 1

fran shammo verzion
Courtesy of Verizon

Fran Shammo, who as Verizon’s CFO helped engineer deals to acquire AOL and Yahoo, among others, will retire at the end of 2016, the company announced Thursday.

The 27-year Verizon veteran will step down as executive VP and chief financial officer effective Nov. 1. Shammo will be succeeded by Matt Ellis, currently senior VP and CFO for wireless and wireline operations.

Shammo joined predecessor company Bell Atlantic Mobile in 1989. He served in various roles during his career at Verizon, including president and CEO of Verizon Telecom and Business as well as president of the Western region for Verizon Wireless and VP and controller at the time of Verizon Wireless’ launch in 1999. Shammo was appointed CFO in November 2010.

Shammo led the financing effort for Verizon to acquire full control of Verizon Wireless in a $130 billion deal buying out the stake of former joint-venture partner Vodafone Group, which closed in 2014.

Ellis, 45, will report to Verizon chairman CEO Lowell McAdam. Prior to Ellis’ current role of providing financial leadership for Verizon’s business units, he was senior VP and treasurer for Verizon, responsible for corporate-wide financing, cash management, pension and insurance activities, as well as the Verizon Capital Group. Before joining Verizon in 2013, Ellis was VP and treasurer for Tyson Foods, where he worked for nearly 16 years.