Oath CEO Tim Armstrong's on his way out, and there are more exits to come

Oath's executive leadership team is in flux as a result of the decision to integrate parts of Oath's business into Verizon and the expected departure of CEO Tim Armstrong, according to people close to the matter.

Chief people officer and longtime Armstrong confidante Bob Toohey, departed the company last week. Chief financial officer Vanessa Wittman and chief communications officer Natalie Ravitz are planning to leave the company in the coming weeks.

Following Toohey's departure, Armstrong sent a note to staff touting his accomplishments with the company.

"Toohey came here every single day with passion for the work, compassion for out people and the strategic mindset to set us up for future success... Bob has been a champion in helping us recruit the next generation of talent and leaders at Oath. When you see the level of talent that has joined us in the last year - you can see Bob's fingerprints on everything."

This story is developing