February 12, 1997
CONTACT: Bell Atlantic -
Eric Rabe, (215) 963-6531 or NYNEX - Susan Kraus, (212)
Bell Atlantic and NYNEX Designate Larry Babbio as President and CEO, Network Group
--Announce Additional Organizational Changes--
Bell Atlantic Corporation (NYSE:BEL) and NYNEX
Corporation (NYSE:NYN) today announced that Larry Babbio has
been named president and CEO of the Network Group, replacing
Dick Jalkut, who earlier this week announced his retirement.
Babbio has also been designated chairman of the Global
Wireless Group in the new Bell Atlantic.
Ivan Seidenberg, chairman and CEO of NYNEX, said:
"Larry Babbio's extensive telecommunications experience and
proven ability make him the right person to lead the Network
Group at the new Bell Atlantic. As we continue to integrate,
we're drawing on the best talents and practices of both
NYNEX and Bell Atlantic."
"We no longer look at ourselves as two separate
organizations, but as what we are becoming -- the new Bell
Atlantic. We're one team, dedicated to delivering superior
value to our customers, shareholders and employees," added
Raymond W. Smith, chairman and CEO of Bell Atlantic.
The new Bell Atlantic will have five operating groups
reporting to the Office of the Chairman:
The Telecommunications Group, led by Jim Cullen,
president and CEO; The Network Group, led by Larry Babbio,
president and CEO; The Global Wireless Group, led by Larry
Babbio, chairman; The Information Services Group, led by Mat
Stover, group president; and The International
Telecommunications Group, group president to be announced.
In addition, all business development and finance
activities in the combined company will be consolidated
under Fred Salerno, senior executive vice president and
CFO/Strategy and Business Development. Salerno will also
report to the Office of the Chairman.
"In the new structure, we are consolidating corporate
staff, adopting a single enterprise-wide approach to
staffing," said Seidenberg. "At the same time, we're
incorporating the best operational design. These
organizational changes truly represent the best of both
The proposed merger between Bell Atlantic and NYNEX
was announced April 22, 1996. The combined corporation will
serve 39 million telephone access lines in 13 states and
more than 4 million cellular customers. Shareowners of both
companies overwhelmingly approved the merger at special
meetings in November 1996.