Verizon Names New Chief Financial Officer

Verizon Communications Inc., the biggest U.S. local phone company, named Doreen Toben chief financial officer to replace Frederic Salerno, who announced his retirement Monday. Toben had been CFO of Verizon’s Telecom Group, the company’s biggest unit.

Toben, 52, is taking over the finances of the New York-based company a week after it reported a $501-million first-quarter loss because of investment declines and said profit and sales this year will be less than forecast.

Verizon shares have fallen 27% in the last year as the company battles declining demand for phone and data services.

Verizon shares rose 96 cents, or 2.5%, to $40.11 on the NYSE.