(Reuters) -Verizon Communications Inc finance chief Matt Ellis will leave the wireless carrier in May, it said on Friday in a slew of senior leadership changes.
The move comes at a time when Verizon (NYSE:VZ) is facing tough competition from rivals T-Mobile US (NASDAQ:TMUS) Inc and AT&T Inc (NYSE:T) for new customers and is investing heavily in new technologies such as 5G.
Senior Vice President Tony Skiadas will replace Ellis, the company said while announcing new leaders to its key verticals.
Sowmyanarayan Sampath, who leads Verizon Business Group, will be executive vice president and chief executive of Verizon Consumer Group.
The business group will be led by Kyle Malady, currently head of Global Networks and Technology.
Verizon's consumer and business divisions include wireless and wireline operations focused at retail customers and enterprises, respectively.
Joe Russo, senior vice president and chief network officer, will replace Malady as president of Global Networks and Technology, which looks over 5G, 4G, Fiber and Edge computing services.
In its latest quarterly report in January, Verizon forecast annual profit below expectations hurt by higher costs, tepid growth in wireless customers and high competition.
Verizon has lost subscribers to cheaper plans and promotions by rivals most of last year, with investors raising concerns over its ability to win them back.
Its stock has lost 24% of its value in 2022, compared with a 1% drop in AT&T and 21% gain in T-Mobile.