Strategically, Verizon said the deal aligns with its growth oriented network-as-a-service strategy.
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A bevy of major ISPs have pledged to support broadband connectivity as COVID-19 spreads in the US and workers are told to stay home.
Verizon CEO Lowell McAdam said the restructure will give the company more agility in the market.
DOJ officials say the proposed deal would harm competition, increase prices for consumers, and reduce innovation; AT&T CEO Randall Stephenson says the DOJ's argument "defies logic and is unprecedented"
Stankey will take over as CEO on July 1.
The nation's fourth-largest wireless carrier posted net operating revenue of $8.54 billion, up five percent above the previous year.
Former Alcatel-Lucent CEO Michel Combes will replace Tarek Robbiati as CFO at the end of January.
Legere is departing as T-Mobile still works to close its $26 billion merger with Sprint.
The carrier added 1.7 million net additions in the fourth quarter, along with 1.6 million postpaid.
The company said revenue was down year-over-year primarily due to declines in domestic video and legacy wireline services.