8-KLeadership Changes

VERIZON COMMUNICATIONS INC 8-K Report, Executive Changes (Aug 13, 2021)

Filed August 13, 2021For Securities:VZ

Summary

Verizon Communications Inc. (VZ) announced a significant addition to its Board of Directors with the election of Carol B. Tomé, the current CEO of United Parcel Service, Inc. This appointment, effective September 1, 2021, brings a seasoned executive with extensive leadership experience to Verizon's governing body. Ms. Tomé's prior service on Verizon's Board in 2020 indicates a familiarity with the company's operations and strategic direction. While Ms. Tomé will participate in the standard compensation program for non-employee directors, she will not receive a new grant of Verizon share equivalents due to having received one previously. Her appointment is a key governance development that investors should monitor for potential contributions to strategic decision-making and oversight. The company has not yet assigned Ms. Tomé to a specific Board committee, suggesting ongoing evaluation of committee assignments.

Key Highlights

  • 1Carol B. Tomé, CEO of UPS, elected as a new director to Verizon's Board, effective September 1, 2021.
  • 2Ms. Tomé brings significant executive leadership experience to the Board.
  • 3She previously served on Verizon's Board in 2020.
  • 4Ms. Tomé will receive standard compensation for non-employee directors.
  • 5She will not receive a new grant of Verizon share equivalents as she received one in 2020.
  • 6Ms. Tomé has not yet been assigned to a Board committee.

Frequently Asked Questions

Carol B. Tomé is the Chief Executive Officer of United Parcel Service, Inc. Her appointment to Verizon's Board of Directors is significant as it adds another experienced executive leader to the company's governance, potentially bringing valuable strategic insights and oversight.

Ms. Tomé's appointment is effective September 1, 2021. She has prior experience with Verizon, having served on its Board in 2020.

Ms. Tomé will participate in the compensation program applicable to all non-employee directors. However, she will not receive a one-time grant of 3,000 Verizon share equivalents for new directors because she already received such a grant during her previous service on the Board in 2020.

As of the filing date, Ms. Tomé has not yet been named to a Board committee.