On the heels of Verizon Communications' (NYSE:VZ) close of its $130 billion purchase of Vodafone's 45 percent stake in Verizon Wireless, the company announced that it is forming a new product development and management group that will be headed by Marni Walden, formerly the COO of Verizon Wireless. The new group will focus on developing new products and devising new business models and will work across the company's wireless, wireline, cloud and enterprise groups. Walden will report directly to Verizon Chairman and CEO Lowell McAdam
During a call with investors, McAdam said that this new division will "leverage all of Verizon's assets" and will work to quickly develop and launch new products. McAdam hinted that new products will take advantage of some of the company's new acquisitions. Last December Verizon purchased EdgeCast's content delivery system and in January it purchased Intel's OnCue digital TV assets. In addition, he said it will encompass products in the Internet of Things (IoT) area as well.
Interestingly, Walden's position sounds somewhat similar to that of Glenn Lurie, president of emerging enterprises and partnerships at AT&T Mobility (NYSE:T). Lurie's group has been aggressively launching new products such as the company's Digital Life home automation service as well as inking deals in the connected car market, to name a few.
Walden is a rising star at Verizon. As the COO of Verizon Wireless she worked closely with CEO Dan Mead to develop new offerings such as the company's Edge handset upgrade program.
Walden launched her career with Verizon by working in a retail store more than 20 years ago and credits that for helping her understand the customer.
Verizon said it expects to sustain consolidated revenue growth rates and the company is targeting 4 percent consolidated revenue growth in 2014, compared with 4.1 percent in 2013. Additionally, Verizon is targeting increases in EBITDA and EBITDA margin in both its wireless and wireline business segments this year.
Verizon, Vodafone shareholders approve $130B deal for Verizon Wireless stake
Verizon shatters record, sells $49B in bonds to finance Vodafone deal
Report: Verizon paid billions more for Vodafone's VZW stake than it wanted to
Verizon to buy Vodafone's 45% stake in Verizon Wireless for $130B