Verizon’s media company Oath hired Vanessa Wittman as CFO, replacing Holly Hess who is shifting to the parent company to help with the operator’s $10 billion cost cutting initiative.
Wittman, a former CFO of Dropbox and Motorola, brings a wealth of financial experience at technology and media companies. In addition to her CFO duties, Oath said she will work with CEO Tim Armstrong on strategic expansion efforts.
In a statement, Armstong called Wittman (pictured, left) an “exceptional leader” and noted she joins Oath “at an exciting point in our journey to build a differentiated company creating the future of mobile and the internet in combination with Verizon”.
Armstrong praised outgoing CFO Hess as a “founding force” at Oath and a key driver behind Verizon’s AOL acquisition in 2015. She also led the Oath team through the close of Verizon’s acquisition of Yahoo in 2017. Hess will now head Verizon’s $10 billion cost cutting programme, reporting to Verizon CFO Matthew Ellis.
During an analyst meeting in May 2017, Armstrong laid out three primary goals Verizon wants Oath to hit by 2020: attracting more than 2 billion consumers and 10 million creators, and generating revenue in the $10 billion to $20 billion range.
In Q4 2017, Ellis reported Oath revenue totalled $2.2 billion. Verizon CEO Lowell McAdam said during an earnings call the company plans to leverage its Oath assets to meet increased demand for “internet information services and video” in a 5G world.