TMCnet News

Verizon Vice Chair & President Babbio Jr. to Retire
[December 12, 2006]

Verizon Vice Chair & President Babbio Jr. to Retire


TMCnet Contributing Editor
 
Lawrence T. Babbio Jr. will be retiring from his role as vice chairman & president at Verizon (News - Alert) Communications by the end of the first quarter 2007. The executive's career spans 41 years in the telecom industry.


 
Babbio currently oversees the Verizon Business and Verizon Telecom business units, and belongs to the Verizon Wireless Board of Directors.

 
"My decision comes at a time when we have successfully positioned Verizon to extend its industry-leading position in both the wireless and wireline businesses," declared Babbio upon informing the telecom giant about his exit. "Our strategies are in place and producing outstanding results.  We have a strong and experienced executive team leading Verizon's key networked-based businesses.  With Verizon Business meeting all our post-merger expectations and our broadband and video business opening new opportunities in the marketplace, this is the right time to transition to the next generation of leadership."
 
The executive began his career in the telecom industry in 1966. Babbio held engineering, network construction and technology development positions at New Jersey Bell and AT&T (News - Alert). In 1995, he was elected vice chairman of Bell Atlantic. Babbio was then named president and COO for Bell Atlantic prior to its merger with GTE in 2000. He also served as chairman of Bell Atlantic's Global Wireless Group. 
 
Verizon chairman and CEO Ivan Seidenberg said the following about Babbio's decision: "[Babbio] has been one of the industry's most adept technology leaders and has been instrumental in helping chart the right course for Verizon.  In fact, Larry has been deeply involved in all of Verizon's technology platforms, having provided early leadership to our wireless business, strong guidance in the acquisition and integration of MCI, and relentless drive as we have deployed broadband."
 
Verizon plans to announce the telecom's plans as its transitions following Babbio's retirement in regards to his replacement in the coming weeks.
 
The telecom giant has been going through some big administrative and organizational changes lately. Indeed, today's news comes on the heels of Verizon's completion of its sale of Verizon Canada Holdings Corp. to a subsidiary of América Móvil. The move resulted on the buyer purchasing Verizon's interest in Verizon Dominicana.
 
Verizon agreed to sell its interests in Telecomunicaciones de Puerto Rico (Puerto Rico Telephone) and Compañia Anónima Nacional Teléfonos de Venezuela to América Móvil and a company owned jointly by Teléfonos de México and América Móvil. These sales are proceeding.
 
In April, Verizon had announced that it would sell its Caribbean and Latin American telecom operations in three separate transactions. The deals were reportedly valued in a whopping US$3.7 million in cash. Verizon had owned 100 percent of Verizon Dominicana, a 52 percent interest in Puerto Rico Telephone and a 28.5 percent interest in Compañía Anómina Nacional Teléfonos de Venezuela.
 
These three companies offer wired, wireless and broadband services to more than 15 million customers and currently staff more than 17,000 employees.
 
 
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Johanne Torres is contributing editor for TMCnet and Internet Telephony magazine. To see more articles by Johanne Torres, please visit her columnist page.
 

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