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Verizon Announces Executive Changes in Finance Organization and Creation of Verizon Services Unit21 October 2005
Verizon Communications Inc. (NYSE: VZ - News) today announced executive-level changes in its Finance organization and the creation of a new organization, Verizon Services, designed to increase operational efficiencies.
Doreen Toben, executive vice president and chief financial officer, has announced senior management changes in her organization, as follows:
Tom Bartlett, senior vice president and treasurer, has been named senior vice president and controller, replacing Dave Benson, who last month announced his intention to retire. Bartlett will be responsible for corporatewide accounting, public finance reporting and budget analysis.
Cathie Webster, senior vice president-Investor Relations, has been named senior vice president and treasurer, replacing Bartlett. Webster will be responsible for corporatewide financing activities and cash management.
Ron Lataille, vice president-financial planning and analysis for Verizon's Domestic Telecom business unit, has been named senior vice president-Investor Relations, replacing Webster. Lataille will be the corporation's primary liaison with the investment community and Verizon's shareholders.
Bob Barish, vice president-corporate finance, has been named senior vice president and chief financial officer for Domestic Telecom, replacing John Killian, who earlier today was named president-elect of the new Verizon Enterprise Solutions/MCI business unit. Barish will be responsible for finance and strategic planning for Domestic Telecom.
Larry Fulton, executive director-financial planning and analysis, has been named vice president-Finance, replacing Barish. Fulton will be responsible for the financial planning and analysis of Verizon's financial results, short- and long-term financial plans, and managing the development of the business plan and annual budget.
"The quality and experience level of each of these individuals illustrates the depth of talent and leadership within Verizon's Finance organization," said Toben. "These appointments will further strengthen our entire team as we continue to position Verizon for growth and leadership in our industry."
Verizon Services
Separately, Verizon has announced the creation of an organization to provide centralized back-office and support services to Verizon's business units and Verizon Wireless -- a move expected to increase efficiencies through economies of scale and eliminated duplication of effort.
The new organization, Verizon Services, will include procurement and logistics, real estate, human resources employee services, and financial operations (accounts payable, billing, collections, remittance, payroll and other transaction-based services).
The organization will include approximately 12,000 current employees who will remain at their current work locations. It is also anticipated that MCI employees performing these functions will be part of this organization in the future.
Dan Mead, currently president - Midwest area for Verizon Wireless, has been named president - Verizon Services, and will report to Verizon Chairman and CEO Ivan Seidenberg. Mead and his leadership team will be based in the new Verizon Center in Basking Ridge, N.J.
With more than $71 billion in annual revenues, Verizon Communications Inc. (NYSE: VZ - News) is one of the world's leading providers of communications services. Verizon has a diverse work force of more than 214,000 in four business units: Domestic Telecom provides customers based in 28 states with wireline and other telecommunications services, including broadband. Verizon Wireless owns and operates the nation's most reliable wireless network, serving 47.4 million voice and data customers across the United States. Information Services operates directory publishing businesses and provides electronic commerce services. International includes wireline and wireless operations and investments, primarily in the Americas and Europe. For more information, visit www.verizon.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high quality video and images, and other information are available at Verizon's News Center on the World Wide Web at www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Source: PR Newswire
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