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ALIBABA GROUP HOLDING (BABA)
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Verizon names new CEO for Oath

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09/12/2018 | 08:43pm CET
The logo for Verizon's Oath: is seen outside the company's offices in New York

(Reuters) - Verizon Communications Inc on Wednesday named K. Guru Gowrappan as the new chief executive officer of its media and advertising business, Oath, replacing Tim Armstrong.

Verizon last week said that Armstrong was in talks to leave Oath.

Gowrappan, currently Oath's chief operating officer, will be taking the top job on Oct. 1, Verizon said.

Gowrappan joined Oath from Alibaba Group early this year.

Armstrong came to Verizon in 2015 following its takeover of AOL and headed Oath, which was created last year after the No.1 U.S. telecom company acquired the core business of Yahoo and merged it with AOL.

Oath owns more than 50 brands, including HuffPost, TechCrunch and Tumblr, but has failed to make an impact in the space occupied by Facebook Inc and Alphabet Inc Google.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Maju Samuel)

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -1.36% 154.1 Delayed Quote.-10.63%
ALPHABET -0.26% 1068.27 Delayed Quote.1.41%
FACEBOOK -3.00% 139.53 Delayed Quote.-20.93%
VERIZON COMMUNICATIONS 1.91% 60.21 Delayed Quote.11.62%
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Financials (CNY)
Sales 2019 376 B
EBIT 2019 105 B
Net income 2019 60 045 M
Finance 2019 168 B
Yield 2019 -
P/E ratio 2019 46,94
P/E ratio 2020 35,08
EV / Sales 2019 6,93x
EV / Sales 2020 4,93x
Capitalization 2 771 B
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Number of Analysts 49
Average target price 1 391  CNY
Spread / Average Target 30%
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Managers
NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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