In a recent regulatory filing with the Securities and Exchange Commission (SEC), Verizon Communications Inc (NYSE:VZ). announced the appointment of Caroline A. Litchfield to its board of directors. Litchfield, who currently serves as the Executive Vice President and Chief Financial Officer of Merck & Co (NYSE:MRK)., Inc., will begin her tenure as a Verizon director on October 1, 2024.
The decision was made by Verizon's Board of Directors today, and as part of her new role, Litchfield will be subject to the same compensation program as all non-employee directors at Verizon. Details of this compensation program were previously disclosed in Verizon’s definitive proxy statement filed on March 25, 2024. As of the filing date, the company has not yet assigned Ms. Litchfield to any specific board committee.
Verizon, with its headquarters located at 1095 Avenue of the Americas in New York and a business phone number of (212) 395-1000, is a major player in the telecommunications industry, classified under the Telephone Communications (No Radio Telephone) sector with a Standard Industrial Classification (SIC) code of 4813. The company, incorporated in Delaware with an IRS number of 232259884, operates under the ticker symbol VZ and is listed on both the New York Stock Exchange and The Nasdaq Global Select Market.
In other recent news, Verizon Communications is facing significant developments. The Federal Communications Commission (FCC) Chair, Jessica Rosenworcel, has requested major telecom companies, including Verizon, to disclose their strategies against fraudulent AI-generated political robocalls. Meanwhile, telecommunications industry groups, representing Verizon among others, are legally challenging the reinstatement of net neutrality rules by the Biden administration.
Citi has maintained its Buy rating on Verizon with a price target of $47, following a review of the company's recent 10-Q filing. The firm adjusted its forecast for Verizon's SecondNumber feature, expecting a modest increase in customer additions in the coming quarters.
Verizon also announced the inclusion of Comcast Corporation (NASDAQ:CMCSA)'s Peacock service in its streaming subscription hub, +play, and offered a discounted subscription to YouTube Premium for its myPlan subscribers. Additionally, the telecom giant disclosed that Craig L. Silliman, the company's Executive Vice President and President of Verizon Global Services, will transition to a strategic advisor role effective July 1, 2024. These are the recent developments for Verizon Communications.
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