As the dust settles after 10 years of consolidation in telecommunications, Verizon is emerging as one of the U.S. industry's two most powerful players along with SBC Communications. Verizon has leveraged its longstanding strength in basic phone service to create a leading position in wireless communications and next-generation Internet services. Last year, even though Verizon's traditional phone biz shrank 3%, total sales rose 6%, to $71.3 billion. Most of the credit goes to 23% growth in its $28 billion wireless business.
Now with the pending acquisition of MCI, Verizon is poised to become a leading supplier of communications services to Corporate America. Let the battle with SBC begin.
All figures are for the most recent available 12 months.
* Latest available data for the 12-month period ended Dec. 31, Jan. 31, Feb. 29, Mar. 31, or Apr. 30. For companies that do not report quarterly, the most recent annual data were used.
Data provided by Standard & Poor's Compustat, BusinessWeek
Verizon Communications Inc. provides communications services primarily in the United States. The company operates through three segments: Domestic Telecom, Domestic Wireless, and Information Services. The Domestic Telecom segment provides local telephone services in 29 states and the District of Columbia. Its services include voice and data transport, enhanced and custom calling features, network access, directory assistance, private lines, public telephones, digital channel service, and integrated services digital network.The Domestic Wireless segment offers various products and services, which include wireless voice and data services, as well as sells related equipment in the United States. The Information Services segment engages in print and online directory publishing, and provision of content for electronic communications products and services, and Web-site creation services. The company also provides voice switching/processing services, end-user networking services, personal computer-based conferencing, internetworking, data transmission, network integration services, and network monitoring services. Verizon provided wireline and wireless communication services to approximately 45.5 million voice and data customers in the United States, as of April 27, 2005. In addition, the company offers wireline and wireless communication services in the Americas and Europe. Verizon was incorporated in 1983 under the name Bell Atlantic Corp. The company changed its name to Verizon Communications Inc. in 2000 following a merger with GTE Corporation. Verizon is based in New York City.
No. of Employees
210,000
Data provided by
Ivan Seidenberg
Bio
Ivan Seidenberg is Chairman of the Board and Chief Executive Officer for Verizon. On November 6, 2003, Verizon announced that Mr. Seidenberg would become Chairman of the Board effective January 1, 2004. He has served as the sole CEO since April 1, 2002. As chief executive of Bell Atlantic, and previously of NYNEX, Mr. Seidenberg was instrumental in reshaping the communications industry through two of the largest mergers in its history: the merger of Bell Atlantic and NYNEX in 1997 and the Bell Atlantic merger with GTE in 2000. He also led efforts in September 1999 to form Verizon Wireless, the nation's largest cellular business composed of the wireless assets of Bell Atlantic, GTE and Vodafone Airtouch. Mr. Seidenberg began his communications career more than 38 years ago as a cable splicer's assistant. His career has encompassed numerous operations and engineering assignments, including various leadership positions at AT&T and NYNEX. Mr. Seidenberg serves on the board of directors of Honeywell, the Museum of Television and Radio, the Verizon Foundation, The Hall of Science, Pace University and Wyeth. He earned a Bachelor of Arts degree in mathematics from City University of New York and Masters in Business Administration from Pace University.
City University of New York (BA), Pace University (MBA)
* Latest available fiscal year
** The sum of the net value of options exercised and held in the latest available fiscal year
Key Executives
Ivan G. Seidenberg, Lawrence T. Babbio, Jr., William P. Barr, Thomas A. Bartlett, David H. Benson, John W. Diercksen, Marc C. Reed, Dennis F. Strigl, Thomas J. Tauke, Doreen A. Toben
Board Members
Ivan G. Seidenberg, James R. Barker, Richard L. Carrión, Robert W. Lane, Sandra O. Moose, Joseph Neubauer, Thomas H. O'brien, Hugh B. Price, Walter V. Shipley, John R. Stafford, Robert D. Storey
