Why Verizon is investing in philanthropy, even during the pandemic
Hans Vestberg, the CEO of Verizon, doesn’t believe in philanthropy without a strategic purpose.
Instead, he thinks of issues like climate change, the digital divide, and diversity in tech as part of Verizon’s strategy. Tackling those challenges will ultimately benefit Verizon’s business in the long run, which incentivizes the company to keep investing in them as philanthropic efforts.
“We love philanthropy, we think it’s great and all of that,” Vestberg said at the Fast Company Innovation Festival this week. “But . . . giving away money that is not connected to our overall purpose is not working. Because the first thing you do when it’s tough times, you cut everything that’s not part of the core strategy.”