By Katherine Hamilton
Verizon's head of its consumer division, Sowmyanarayan Sampath, is stepping down, marking the latest shakeup as the company executes a strategic turnaround.
Sampath will stay in his role of chief executive of Verizon Consumer Group until the end of the first quarter before departing, the telecom company said Thursday.
The departure comes as Verizon undergoes big changes under its new chief executive, Dan Schulman.
Schulman stepped into his role in October and has been spearheading a strategy focused on cutting costs and regaining ground from rivals. He ordered Verizon's biggest-ever round of job cuts in November.
Days after Schulman stepped into his role, Verizon approved a $4 million payment for Sampath to retain him in his consumer CEO role.
Sampath has worked at Verizon for more than a decade. Before moving to the consumer division in 2023, he led Verizon Business and served as chief product officer.
Chief Transformation Officer Alfonso Villanueva will succeed Sampath on an interim basis. Villanueva is leading the company's transformation efforts, including a focus on improving customer experience.
Verizon recorded positive results for its first quarter under Schulman's leadership. At the end of January, it reported strong subscriber gains and gave an ambitious forecast for the number of postpaid phone connections it plans to add this year.
Schulman said Thursday that Verizon is at a "critical inflection point" and that its strong fourth-quarter performance shows the early impact of the transformation strategy.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
02-05-26 1226ET
