Verizon’s Most Highly Compensated Executives In 2022
With the exception of the CEO, Verizon’s top compensated executives have been shaken up with four of the top five undergoing a job role change in 2022 and early 2023.
Four of the five most highly compensated Verizon executives have undergone a job role or title change in the last few months. That’s because the carrier giant has recently unveiled a slew of senior leadership changes as Verizon continues to work to transform its business.
Under the leadership of CEO Hans Vestberg, Verizon over the last five years has been working hard to double down on its telecom roots and grow the business in new areas of connectivity. Namely, it’s betting big on 5G. The carrier in October also created a new global services organization aimed at streamlining shared services teams to free up more capital for the carrier to invest in its core networking and telecom services. It’s called the Verizon Global Services (VGS) organization and it’s responsible for most shared services teams within the company, including Real Estate, Sourcing, Supply Chain, Fleet, Finance Operations, Global Technology Solutions, Reporting and Insights, Learning and Development, Public Policy and Information Security.
Among the changes, Tami Erwin, a 35-year Verizon executive and Verizon Business CEO, stepped down at the end of 2022. Verizon’s then-CRO, Sowmyanarayan Sampath, stepped into the role of the leader of the carrier’s Business organization. After serving as Verizon Business CEO for 9 months, Sampath became the leader of Verizon Consumer and Kyle Malady took over at the helm of the Business organization in March.
Here’s a breakdown of the 2022 total compensation of New York City-based Verizon’s top six executives as reported in its U.S. Securities and Exchange Commission filing and ranked from lowest to highest compensation.