Verizon took its board to 10 members with the appointment of private equity guru Charles Phillips (pictured), a move framed as being about his financial leadership at a time when some shareholders are concerned about the operator’s management structure.

Phillips is co-founder and managing partner of technology company-focused private equity outfit Recognise Partners. Among past experiences are top-line roles with enterprise resource planning company Infor, Oracle and Morgan Stanley.

Verizon CEO Dan Schulman lauded Phillips’ “distinctive experience in technology, financial and regulatory environments”, comments hinting at why the operator was keen to have him on board.

The boss hopes Phillips will help Verizon to “innovate faster” by focusing on customer service.

Schulman also said he hopes the latest board member would help the operator “drive sustainable, long-term value for our shareholders”, something foremost in the minds of some shareholders which are keen for policies to be set governing Verizon’s management structure.

Pressure
The US National Legal and Policy Centre (NLPC) used Verizon’s AGM earlier this year to call for a current separation in the roles of CEO and chair to be formalised, with the latter post to be held by an independent director.

It expressed concern over Schulman’s competence, asserting he “presided over catastrophic value destruction” and politicised business decisions while CEO of PayPal.

The NLPC argued Verizon stock performed below par under previous CEO Hans Vestberg, who was concurrently chair “for most of his tenure”.

Verizon is keeping the posts separate for now, with Mark Bertolini chairing.

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