Change is coming for Verizon Communications Inc. after a rough year for the company’s consumer wireless business.
announced Monday morning that Manon Brouillette, the company’s chief executive officer of the consumer business division, will be give up that role after keeping it for less than a year. Hans Vestberg, CEO of Verizon, oversees the consumer division.
Despite the change in leadership, Vestberg says the move does not reflect a change in strategy.
“It’s just that sometimes you make adjustments to… speed up execution and things like that,” he said at a UBS conference Monday morning, according to transcripts provided by Sentieo/AlphaSense. “And we want to go into 2023 strong.”
Vestberg also denied that the change reflected the company’s fourth-quarter performance to date. After three-quarters of subscribers drop in Verizon’s retail postpaid phone business, the company said in its last earnings call that it expected to see a positive net addition of consumer phones in the fourth quarter. Vestberg said Monday that Verizon is still “watching” in that direction, although there is still time in this phase.
“The only kind of caveat anyone has and I guess this is very flexible [is] that there [is] Verizon has managed that well so far, he notes, thanks to “very good” relationships with phone makers, according to Vestberg.
He said the company hasn’t been as swashbuckling with promotions as it has been in previous years, though they still have a “good Black Friday.”
“We continue to be cautious about doing the right things for the right segments, to see that we continue to grow our revenue and profits,” he said at the UBS conference. “That’s really the focus we have on the team, and we have the best product, we have the best network, and we have the largest consumer base.”
Shares of Verizon fell nearly 3% in Monday afternoon trading.