Why Are Verizon Shares Trading Lower Monday

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  • Verizon Communications Inc VZ shares are trading lower Monday following reports of Chief Marketing Officer Diego Scotti's departure after nearly nine years.
  • Scotti has been looking for a new job for some time, the Wall Street Journal cites familiar sources.
  • Scotti has announced his plans to leave Verizon to focus on building a new chapter in his career and explore new challenges, read the company's internal memo by CEO Hans Vestberg.
  • Scotti will leave the company later this year, reporting to Vestberg while helping the CEO transition to a new marketing team.
  • Chief Strategy Officer and Executive Vice President Rima Qureshi will lead Verizon's marketing team on an interim basis.
  • Verizon in March named Senior Vice President & Controller Tony Skiadas as the new CFO after Matt Ellis shared plans to depart to pursue other interests, effective May 1. Ellis has been the CFO since November 2016.
  • In April, Verizon reported a first-quarter FY23 sales decline of 1.9% year-on-year to $32.9 billion, missing the consensus of $33.6 billion.
  • Adjusted EPS of $1.20 was in line with the consensus.
  • The quarter marked 437,000 total broadband net additions.
  • Price action: VZ shares traded lower by 1.63% at $36.98 on the last check Monday.
  • Photo via Wikimedia Commons
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