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Oath president and Chief Operating Officer Guru Gowrappan has been tapped as the company's next CEO. He will succeed Tim Armstrong, who is leaving the company as parent Verizon adopts new strategies.

Armstrong himself hired Gowrappan in April, and the move to make him CEO was expected. Gowrappan will report directly to Verizon CEO Hans Vestberg. Armstrong, meanwhile, will guide the Verizon's subsidiary's management transition efforts as a strategic advisor before leaving the company by the end of this year.

Armstrong will also report to former Verizon CEO and now chairman Lowell McAdam.

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