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New yorkbased ttv capital12/3/2023 ![]() ![]() Rezaei and Nitti will also be adding some new skill sets to the team. The venture arm will continue making investments that align with Verizon’s longer-term goals, Rezaei says, focusing on network optimization, end use cases for 5G (such as virtual reality), and broadband strategy (i.e. ![]() “I’m glad to see sequential improvements based on our efforts, but there is more to do,” he said.Īs part of the restructuring, Rezaei says that there is “huge untapped potential” in being able to integrate existing portfolio companies into Verizon’s existing commercial partnerships. On the company’s last earnings call, CEO Hans Vestberg said his team had “designed a company-wide cost-savings program that we expect will save between $2 billion to $3 billion annually by 2025,” and said he continued to work to grow revenue and reduce expenses. ![]() The shift for Verizon Ventures comes as Verizon cuts costs across the entire corporation. “Overall, Verizon has been making concerted efforts to streamline our organization across different business units,” Nitti told me in an interview Wednesday, adding later: “Bringing Verizon Ventures into the corporate strategy team seemed to make sense-especially as we work with the largest partners of Verizon across the ecosystem.” The venture arm will now sit under the corporate strategy group-under Verizon’s Chief Strategy Officer Rima Qureshi-rather than under Verizon CFO Matthew Ellis. The entire venture division has been moved underneath the Verizon umbrella. The transition is more meaningful than just new leadership. John Nitti, Verizon’s senior vice president of strategic partnerships and new business development, has been named Verizon Ventures’ CIO, where he will be identifying Verizon’s investment focus and strategy as well as working with founders. In his stead will be Madison Rezaei, Verizon’s vice president of new business strategy, who will be head of the venture arm and oversee its investment team and day-to-day operations. Chris Bartlett, the five-year head of Verizon Ventures, has transitioned into a new division, becoming CFO of Verizon Business Group. ![]()
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