NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced the election of John W. Snow, former U.S. Secretary of the Treasury, to the Verizon Board of Directors, effective Feb. 1, 2007.
Snow was nominated by President George W. Bush to be the 73rd Secretary of the Treasury in January 2003. He was sworn into office the following month and served until June 2006. As Secretary of the Treasury, Snow worked closely with President Bush to strengthen economic growth and create jobs.
Prior to serving as Secretary of the Treasury, Snow was Chairman and CEO of CSX Corp. His previous public service includes having served at the Department of Transportation as Administrator of the National Highway Traffic Safety Administration; Deputy Undersecretary; Assistant Secretary for Governmental Affairs; and Deputy Assistant Secretary for Policy, Plans and International Affairs.
"We are pleased to have John Snow on our Board," said Ivan Seidenberg, Verizon Chairman and CEO. "His background as a transformational leader will be a significant benefit to Verizon. That unique perspective, which also included prior experience in the federal government, is enhanced by his most recent term as Treasury Secretary. Verizon is honored to have him join the Board."
The addition of Snow will bring Verizon's total board membership to 15.
Snow is also recognized as a champion of improved corporate governance practices. He is a former co-chairman of the Conference Board's Blue-Ribbon Commission on Public Trust and Private Enterprise. He served as co-chairman of the National Commission on Financial Institution Reform, Recovery and Enforcement in 1992 that made recommendations following the savings and loan crisis.
Snow was born in Toledo, Ohio, and graduated in 1962 from the University of Toledo. He later earned a doctorate in economics from the University of Virginia where he studied under two Nobel Prize winners. Snow graduated with a law degree from the George Washington University in 1967 and then taught economics at the University of Maryland and University of Virginia, as well as law at George Washington. He also served as a Visiting Fellow at the American Enterprise Institute in 1977 and a Distinguished Fellow at the Yale School of Management from 1978 until 1980.