8-KLeadership Changes

VERIZON COMMUNICATIONS INC 8-K Report, Executive Changes (Dec 6, 2012)

Filed December 6, 2012For Securities:VZ

Summary

This Form 8-K filing by Verizon Communications Inc. (VZ) reports a significant change in its Board of Directors. On December 6, 2012, the company announced the election of Kathryn A. Tesija as a new director, effective immediately. Ms. Tesija brings valuable experience to the board, currently serving as Executive Vice President for Merchandising and Supply Chain at Target Corp. Her appointment suggests a focus on strengthening the board's expertise in retail operations and supply chain management, potentially benefiting Verizon's strategic initiatives and operational efficiency.

Key Highlights

  • 1Kathryn A. Tesija elected as a new director to the Verizon Board of Directors, effective immediately.
  • 2Ms. Tesija's current role as Executive Vice President for Merchandising and Supply Chain at Target Corp. brings retail and supply chain expertise.
  • 3Ms. Tesija will participate in the standard non-employee director compensation program.
  • 4Non-employee directors receive an annual cash retainer of $100,000.
  • 5Non-employee directors receive an annual grant of Verizon share equivalents valued at $150,000 on the grant date.
  • 6Ms. Tesija has not yet been appointed to any Board committees.

Frequently Asked Questions

Kathryn A. Tesija is the Executive Vice President for Merchandising and Supply Chain at Target Corp. Her appointment to the Verizon Board of Directors on December 6, 2012, is likely intended to leverage her extensive experience in retail operations and supply chain management, which could be valuable for Verizon's business strategies and operational execution.

As a non-employee director, Ms. Tesija will receive the same compensation as other non-employee directors. This includes an annual cash retainer of $100,000 and an annual grant of Verizon share equivalents valued at $150,000 on the grant date. This compensation structure was detailed in Verizon's definitive proxy statement filed on March 19, 2012.

At the time of this filing on December 6, 2012, Ms. Tesija had not yet been named to any specific Board committees. Further committee assignments may be announced in future filings or communications.