Verizon Communications has announced plans to reorganise its business segments to focus on the various types of customers it serves. The restructuring will reformat its existing units into Consumer, Business and Verizon Media Group/Oath, its ad tech business that includes the elements made up of its acquisition of AOL and Yahoo.
The reorganisation is a shift from Verizon's previous operating structure, which split the company between wireless and wired communications, and included the largest US wireless carrier's Fios internet and video products.
The restructure is overseen by Hans Vestberg, who became CEO at the firm on 1 August, and will see the new Verizon Media Group/Oath segment encompass the firm's media, advertising and technology offerings. This segment will be led by Guru Gowrappan, who was previously CEO of Oath.
The Verizon Consumer Group will include the consumer segment of the firm's wireless and wired businesses, while Verizon Business Group will include products and services sold to enterprise and government customers. These units will be led by Ronan Dunne and Tami Erwin respectively.
"This new structure reflects a clear strategy that starts with Verizon customers," said Vestberg. "We're building on our network transformation efforts and the Intelligent Edge architecture to deliver new customer experiences and optimise the growth opportunities we see as leaders in the 5G era. We're focused on how our technology can benefit customers' lives and society at large."