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Bye Fran! Verizon CFO Is Retiring

Fran Shammo announced Thursday afternoon that he will step down as CFO at Verizon after 27 years at the company.

Shammo -- arguably the C-level executive with the most excellent name at any of the big four wireless operators in the US -- will relinquish the CFO title on November 1, in preparation for retirement at the end of the year. Shammo will be succeeded by the boringly named Matt Ellis, who is presently senior vice president and CFO of operations and finance. Big Red says that Ellis has experience providing financial support for both its wireless and wireline operations.

Shammo, 55, started with Verizon Communications Inc. (NYSE: VZ) before Verizon was Verizon. He joined Bell Atlantic, one of the "Baby Bells" in 1989 as a general manager. Bell Atlantic became GTE and eventually Verizon at the turn of this century.

Shammo -- who is not be confused with Shammu, the loveable Killer Whale became CFO of Verizon in 2010. He has been a highly visible and vocal member of Big Red's C-Level table ever since. Shammo presided over Verizon's biggest stretch of acquisitions since the company was formed.

Shammo has been one of the people who has helped develop Verizon's strategy to become more of a video-driven media company and less of a stodgy old service provider. He led the financing for Verizon to buy out Vodafone's share of Verizon Wireless , and worked on the acquisitions of AOL Inc. (NYSE: AOL) and Yahoo Inc. (Nasdaq: YHOO). He leaves Verizon as the largest mobile service provider in the US with over 140 million subscribers.

Bloomberg says that Shammo's total compensation in fiscal 2015 was $7,240,841. It is unclear at press time if he will use some of his undoubtedly large pile of cash to buy an exotic desert island where he can swim free in the clear blue ocean.

— Dan Jones, Mobile Editor, Light Reading

DanJones 9/8/2016 | 4:29:55 PM
Re: Pile of cash Maybe just a caravan then...
Joe Stanganelli 9/8/2016 | 4:24:37 PM
Re: Pile of cash I should hope so!  Especially considering that a lot of single-family houses there seem to be on the market for well into the £300k-400k range.
DanJones 9/7/2016 | 1:42:40 PM
Re: Pile of cash Wonder how much we could get for the Isle of Man? At least ten bob I'm guessing.
Joe Stanganelli 9/3/2016 | 4:56:57 PM
Re: Pile of cash @brooks7: Well, there you go.  The island of Lanai is more than 140 square miles.

Want a 13 square-acre island off the coast of Ireland?  Less than $85k USD.
brooks7 9/2/2016 | 4:54:31 PM
Re: Pile of cash @Kelsey @Joe

Oracle cofounder Larry Ellison — who stepped down from his position as CEO on Sept. 18 — bought a 97% stake in the Hawaiian island of Lanai in 2012. The reported sale price was a jaw-dropping $300 million. 

seven

 
DanJones 9/2/2016 | 4:27:39 PM
Re: Pile of cash Well he was CFO since 2010, gonna assume his salary and bonuses weren't like $100,000 in 2014 either.
Joe Stanganelli 9/2/2016 | 1:23:18 PM
Re: Pile of cash Depends upon size and if you want to go developed or non-developed.  But still, private islands are actually stunningly cheap if the island is small or undeveloped.  See, e.g., http://www.privateislandsonline.com/  At the end of the day, it's still just a parcel of land -- albeit with oceanfront value.

Also: Want to rent an entire country?  Liechtenstein is for rent for ~$70k (USD)/night.  He might not be able to afford to rent the entire country year-round (as that would cost well over $25mil. USD), but it's not bad for a timeshare.  ;)
Kelsey Ziser 9/2/2016 | 9:25:09 AM
Re: Pile of cash @Joe but still enough to buy half an exotic desert island? Maybe Johnny Depp will go halfsies with him.
Joe Stanganelli 9/2/2016 | 9:10:28 AM
Pile of cash Yeah, but that $7,240,841 is probably only about $3,602,431 after taxes.  Maybe even less!
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