Verizon to reorganize business segments
FBN's Cheryl Casone on Verizon's reorganization plans under CEO Hans Vestberg.
(Reuters) - Verizon Communications Inc said on Monday it will reorganize its business segments into Consumer, Business and Verizon Media Group/Oath.
Previously, the largest U.S. wireless carrier's operating structure was split between wireless and wireline, which included its Fios internet and video products.
The changes will be effective from Jan. 1, 2019, and will "optimize the growth opportunities we see as leaders in the 5G era," Chief Executive Hans Vestberg said in a statement.
The company said the new Verizon Media Group/Oath segment will be at the intersection of media, advertising and technology, and will be led by Guru Gowrappan, who was previously announced as CEO of Oath, the digital media umbrella that includes Yahoo and AOL.
Verizon said it expects to begin reporting its financials under the new structure in the second quarter of 2019.
(Reporting by Sheila Dang; editing by Jason Neely)