Stock Update (NYSE:VZ): Verizon Communications Inc. Says Hello to Former President and CEO Rima Qureshi as New Chief Strategy Officer


Verizon Communications Inc. (NYSE:VZ) will be looking to a new leader in the role of executive vice president and chief strategy officer effective Nov. 6: former president and CEO of Ericsson North America, Rima Qureshi is ready to take the reins of the .

She will succeed Roy Chestnutt, who previously announced plans to pursue interests outside Verizon, and will depart by the end of the year.

Qureshi will report to Chairman and CEO Lowell McAdam and will take over responsibility for development and implementation of Verizon’s overall corporate strategy, including business development and strategic investments.

“We thank Roy for his leadership and strategic focus, which have helped transform Verizon into a major player in next-generation markets,” McAdam said. “The addition of Rima is another game-changer for Verizon. She’s a visionary leader, with a global perspective and a thorough understanding of our industry and where it’s headed.”

Qureshi has extensive experience in successfully managing various business segments, including strategy, sales, product management, and research and development. She also has extensive experience in acquisitions and integration.

Before becoming president and CEO of Ericsson North America in 2016, she was Ericsson’s chief strategy officer and head of mergers and acquisitions. Her more than two decades of leadership experience in the mobile communications industry included more than 15 years of global experience.

Qureshi joined Ericsson in 1993 and was a vice president there since 2000. In 2010 she was named senior vice president of Ericsson’s CDMA Mobile Systems Group, and she assumed additional responsibilities as senior vice president of strategic projects in 2013. She also served as chairman of the Ericsson’s Northern Europe, Russia and Central Asia group and chairman of Ericsson’s Modem division before becoming chief strategy officer.

She is currently a board member of MasterCard Incorporated and Great West Lifeco Inc., and she has significant experience working with the humanitarian sector and various United Nations agencies. With both undergraduate and master’s degrees from McGill University in Montreal, she is fluent in English and French.

Chestnutt had joined Verizon in 2011 from Motorola and was senior vice president – Corporate Strategy before being named chief strategy officer in 2013. (Original Source)

Shares of Verizon Communications shares are currently trading at $47.74, down $0.10 or -0.22%. VZ has a 1-year high of $54.83 and a 1-year low of $42.80. The stock’s 50-day moving average is $47.97 and its 200-day moving average is $47.08.

On the ratings front, Verizon Communications has been the subject of a number of recent research reports. In a report released yesterday, RBC analyst Jonathan Atkin reiterated a Hold rating on VZ, with a price target of $50, which represents a slight upside potential from current levels. Separately, on August 29, Robert W. Baird’s William Power reiterated a Hold rating on the stock and has a price target of $49.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, top performing analyst Jonathan Atkin and William Power have a yearly average return of 18.4% and 5.6% respectively. Atkin has a success rate of 84% and is ranked #1 out of 4651 analysts, while Power has a success rate of 56% and is ranked #1007.

Sentiment on the street is mostly neutral on VZ stock. Out of 5 analysts who cover the stock, 5 suggest a Hold rating . The 12-month average price target assigned to the stock is $50.25, which represents a slight upside potential from current levels.