FOR IMMEDIATE RELEASE
November 21, 2014
(732) 868-0000 x118
SOMERSET, NJ — Sometimes the best strategic move is to invest capital in an idea that is outside your company’s comfort zone. As described in the cover story of CFO Studio magazine’s Q4 2014 issue, Francis J. (Fran) Shammo, executive vice president and CFO of Verizon Communications, did exactly that when he worked in the operations side of Verizon, and was presented with an opportunity to develop a new, untried technology platform for digital media and video content delivery. Shammo knew that to develop the platform would take all the capital he could squeeze from his budget. Nevertheless, he decided to fund it. That decision defines Fran Shammo as a highly unusual CFO.
His bet paid off. The big idea is now beginning to earn back its invested capital, and Shammo, after a 25-year career first at the Bell company that became Verizon Wireless and then at Verizon itself, has been promoted to CFO of the $120 billion Verizon Communications. “Technology is changing so fast, you have to look at, ‘Where do you think you’re going to be in two years?’ and ‘Where’s technology going to be in two years?’ And those two things may be very different,” the article quotes Shammo as saying.
Shammo’s current focus is to benchmark Verizon’s Finance department with Finance in world-class organizations. As part of this effort, Verizon’s Finance department has consolidated more than 200 locations, looked closely at processes, and improved the manner in which they have been handled. The results are much better efficiency, savings, and the ability to believe in the “truth” of the data: “We know that what’s coming out [of stored financial data] is absolutely controlled and it’s the one form of the truth,” says Shammo.
CFO Studio Magazine, which is published quarterly by Real Estate Strategies Corporation, will release its Q4 issue, featuring business profiles and strategic advice for New Jersey– and
New York–area CFOs, during the second week of December.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government, and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, with more than 106 million retail connections nationwide. Verizon also provides converged communications, information, and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 178,500.
About CFO Studio
CFO Studio and CFO Studio magazine deploy the best of new and traditional media to promote finance executives as business and strategy thought-leaders. Andrew Zezas is the host of CFO Studio and the Publisher of CFO Studio Magazine.
Visit www.CFOstudio.com to watch interviews with New Jersey area CFOs, with new releases every Thursday morning at 10:00 AM EST!
To read stories that have appeared in CFO Studio Magazine, or for subscriptions and advertising opportunities, visit www.CFOstudio.com.
Funding for CFO Studio and CFO Studio Magazine is provided by Real Estate Strategies Corporation and select advertisers.
Real Estate Strategies Corporation provides corporate real estate advisory and transaction services to CFOs, General Counsels, Management, and corporate Boards in New Jersey and around North America.