VZ: Verizon Vice Chairman and President Larry Babbio Announces Plans to Retire After 41-Year Career

Verizon Vice Chairman and President Lawrence T. Babbio Jr. has notified the Verizon Communications Inc. (NYSE:VZ) Board of Directors of his intention to retire from the company by the end of the first quarter 2007.

A 41-year veteran of Verizon and its predecessor companies, Babbio is responsible for the Verizon Business and Verizon Telecom business units, and is a member of the Board of Directors of Verizon Wireless.

"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," said Babbio. "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."

Verizon Chairman and CEO Ivan Seidenberg said, "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. 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."

Verizon will announce transition plans in the coming weeks.

Babbio began his career in the communications industry in 1966 with New Jersey Bell Telephone. After working in engineering, network construction and technology development leadership positions at New Jersey Bell and AT&T, Babbio in 1995 was elected Vice Chairman of Bell Atlantic.

Prior to the Bell Atlantic-GTE merger in 2000, Babbio was President and Chief Operating Officer for Bell Atlantic, where he shared oversight for all of the company's business operations. He also served as Chairman of Bell Atlantic's Global Wireless Group, one of the world's largest wireless operations at the time. Babbio today also serves as Chairman of the board of trustees of Stevens Institute of Technology, and is a member of the boards of the Hewlett-Packard Company, ARAMARK Corporation and the Lower Manhattan Development Corporation.