Had a friend at a yuuuge company (comparable to Verizon) and their title changed as they spent more time with the company w/o their role or responsibilities changing a lot throughout the years.
After 7-8 years at the given company this friend of mine became a "VP" and first I was "WOW, look at you!", but then he explained that he is doing the same sh*t, maybe a tad bit more, but this is how they get their promotions, etc... so they had tons of "Managers" and "VPs"...