Verizon Creates Shared Services Group Named Verizon Global Services

By Kathryn Hardison

Verizon Communications Inc. has created a new shared services organization called Verizon Global Services as it works to improve efficiency.

Verizon said Tuesday that the organization will oversee most shared services teams at Verizon, including real estate, sourcing, supply chain, fleet, finance operations and global technology solutions. Verizon Global Services will also bring a holistic approach to the company's partner ecosystem to ensure efficient business processes with Verizon's tens of thousands of vendors, it said.

Craig Silliman, Verizon's chief administration officer and general counsel, will become the president of Verizon Global Services.

Verizon Chief Executive Hans Vestberg said the move will accelerate the company's efforts to drive efficiencies and enable the company to reinvest savings in customer growth and network superiority.

The company said it would discuss the economic benefits of establishing Verizon Global Services when it details its third-quarter earnings on Oct. 21.

Vandana Venkatesh, previously senior vice president and general counsel for the Verizon Consumer Group, succeeds Mr. Silliman as Verizon's chief legal officer.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

10-11-22 1240ET