Verizon Communications vice chairman and president Lawrence T. Babbio Jr. notified the company’s board of directors that he intends to retire by the end of the first quarter of 2007.
Babbio is a 41-year veteran of Verizon and its predecessor companies.
“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," Babbio said in a prepared statement.
"Our strategies are in place and producing outstanding results,” he added. “We have a strong and experienced executive team leading Verizon's key network-based businesses. With Verizon Business meeting all of 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.”
Chairman and CEO Ivan Seidenberg added, "Larry has proven over and over again his innate ability to think beyond the status quo and to embrace change, no matter how transformational. He has been one of the industry's most adept technology leaders and has been instrumental in helping chart the right course for Verizon.”
He continued, “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. We will miss him as a gifted colleague, but we are very pleased that he will remain with us through the first quarter so we can work together on the transition.”