Verizon Communications Inc. VA, +1.13% said Monday it is planning to reorganize into three consumer-facing areas of consumer, business and Verizon Media Group / Oath, to boost growth opportunities as 5G technology takes hold. The company said the changes will become effective Jan. 1 and that it expects to transition to financial reporting under the new structure in the second quarter of 2019. “We’re focused on how our technology can benefit customers’ lives and society at large,” Chief Executive Hans Vestberg said in a statement. The consumer group will cover the consumer business for wireless and fix-line businesses and will be led by Ronan Dunne, currently EVP and president of Verizon Wireless. The business group will include the wireless and fixed-line enterprise, small and medium business and government businesses, along with wireline wholesale and Verizon Connect, the telmatics business. That division will be led by Tami Erwin, EVP for Wireless Operations. The media business will include advertising and technology, entertainment, gaming, news commerce and and other services, led by Guru Gowrappan, Oath CEO. Shares were not yet active premarket, but have gained 7% in 2018, while the S&P 500 SPX, -0.63% has gained 1.9%.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.