This WSJ article is excruciating. Verizon Shakes Up Executive Team After Tough Year

Verizon Shakes Up Executive Team After Tough Year

The shake-up comes as Verizon’s consumer group, its largest division, has struggled to hang on to its core subscriber base in competition from rivals AT&T Inc. and T-Mobile US Inc.

“I think we were sleeping a little bit at the wheel,” Mr. Vestberg said.
He said the consumer business reacted “way too late” last year as the economy soured in March, and that the business has since become more nimble.

“It’s not like everything is fixed because I’ve been there six months,” Mr. Vestberg said.

“next-generation leadership,” though he said he would run the company as long as he has the support of the stakeholders.

During his tenure, Verizon shares have fallen about 26%, compared with a roughly 41% increase in the S&P 500 index over the same period.

Verizon remains the largest U.S. cellphone carrier in terms of subscribers, but it has ceded ground over the past couple of years.

Mr. Vestberg, who is also board chairman, said he searched both inside and outside the company as part of the management changes and will continue to look for a new finance chief.

Verizon needs to balance strengthening subscriber growth with generating more free cash flow, said Timothy Horan, an analyst at investment bank Oppenheimer & Co. It will also need to further reduce the company’s debt pile and lower operating expenses, Mr. Horan said.

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We’ll make no progress forward if our leaders are still home working in their pajamas playing Hollywood squares via bluejeans.

Many of the Hedge Funds and even Warren Buffet have had enough of Hans and his sideshow and have sold out of the stock completely. Given what is left, rising rates, and no serious talent left with no one on the bench, it makes sense to sell.

2023 infosys? I’m thinking 3b and take most of VGS and the rest of Shankars group. All in on infosys.

WSJ "During his tenure [ Hans Vestberg ], Verizon shares have fallen about 26%, compared with a roughly 41% increase in the S&P 500 index over the same period."

Let's not forget what Hans did shortly after "purchasing" his CEO position (because he certainly didn't deserve to be handed that position for his career accomplishments).

Shortly after becoming CEO, Hans signed a 1 Billion dollar contract with Inf0sy$ and laid off thousands of American employees. He got rid of Verizon's most experienced, talented employees and replaced them with cheap labor.

If an NFL team wins the Super Bowl and then decides to replace the majority of its top, players with D3 college rookies so they could "save money", would that team really expect to make it to the Super Bowl again? Not likely.

You get what you pay for.

I believe that 1B Infy contract expires at the end of 2023.

Infy will probably charge 2B for another 5 years (inflation) and Hans will agree to it.

Then Hans will jump out on his golden parachute.

@1ati+1ltFFwEO
That's pretty good. I'd add that the term appears to have originated from one or more attendees of a failing public school, given the poor grammar. Otherwise we'd be hearing "awakened" instead of "woke." ;-)

I don’t trust WSJ. I only get my news from up to speed.

To the poster who said define "woke" for $100. Ok here you go...

When you spend too much resources focusing on being too sensitive on hurting feelings and ill positioning your beliefs on political and cultural alliances. Ironically this positioning will ultimately alienate other political and cultural alliances, thus impacting your ability to generate revenue, retain customers, increase shareholder value, and maintain a leading edge in the marketplace. See also "Oxymoron" and "Go Woke, Go Broke phenomenom"

Now if I can only find a way to collect my $100. Hmmmm.

Hans came from Ericsson which was a disaster under his leadership and is worse today. His track record at Verizon is no better. Time for hashtag run with Hans to be done with Hans.

The tool who thinks that WFH is the problem needs to quit. I know plenty of people who are performers and have WFH for many years prior to the pandemic. Speak for yourself if you can't produce. The guilt must be weighing on you tool

$100 to any id--t on here that can define the term woke? you’ll make history as the first

Someone said below diversity is the problem. How brain dead can you possibly be? Hopefully you don't vote. What a tool.

Vestberg is too woke to function and he has run off all the white cis- gendered makes that had business acumen. He’s left with political activists who don’t have a clue about how to run a business.

This is where the men get separated from the boys. No obvious way forward to turn things back to a growth story. Expect cuts to Capex next year, a RIF and a new CEO- can I bet on this happenening on Draft Kings? Virtual lock to happen.
We should all be glad that DISH apparently has no real interest in being a competitive national carrier. If and when they awake from their coma their only play is to be the lowest cost carrier. More pressure on everyone but especially VZ.

Can verizon explain to me when 5g came out me and everyones verizon service is laggy and sucks
What actuality happened?
Who is responsible?

I leave my phone on lte 4g as the solution

WSJ "During his tenure [ Hans Vestberg ], Verizon shares have fallen about 26%, compared with a roughly 41% increase in the S&P 500 index over the same period."

I would like to see an UP To SPEED with the BoDs and have them explain why they have continued confidence with HV as CEO and why they do not remove him. At the very least, HV should be put on a PIP.

What’s Diego do?? What does Rima do?? What does Nikki P do?? Time to unload them. They are just collecting a pay check. ESP Nikki P. She’s the ambassador to technology. Wtf is that. For a few million salary. It’s a joke.

I’ve said it before and I’ll say it again. Verizon has a cash flow problem, and the dividend is at risk. Operating cash flow less capex and debt servicing does not leave enough left to cover the dividend. It’s a shell game to cover that payment each quarter. The constant cuts are Verizon’s futile attempt to preserve enough free cash flow to maintain the dividend, because it’s the only thing keeping the stock from completely sinking. With $140B in debt and bonds that will begin to rollover at much higher interest rates, it gets even worse. Yes the execs are starting to sweat, and rightfully so. Unfortunately they have no turnaround plan involving growing top-line revenue and will run the only playbook they know. Slash and burn.

Hans continues to point the finger at everyone else for VZ failures, maybe he should take a look in the mirror.

Ha! Someone thinks that the issue is a lack of diversity and that men are the problem! That is hilarious! That poster is part of the problem - looking to evaluate success based on the chromosomes and skin color of executives instead of business results.

Playing musical chairs and shifting men right is not the answer. No real diversity there when you look at it. This is not next generation. This is old, tired, same generation with old tired ideas. Kyle has never been responsible for P&L in a business unit.

“I think we were sleeping a little bit at the wheel,” Mr. Vestberg said.

Mainly Mt Vestberg himself

The task at hand is daunting. Hans is defeated.

Thread regarding Verizon Communications Inc. layoffs

This WSJ article is excruciating. Verizon Shakes Up Executive Team After Tough Year

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