Fortune Magazine Names Verizon CFO Doreen Toben To List of 50 Most Powerful Women in Business

NEW YORK -- In her first year as chief financial officer of Verizon Communications, Doreen Toben has captured the 25th position on Fortune magazine's list of the "50 Most Powerful Women in Business."

Toben, a Princeton, N. J. resident, is the highest-ranking newcomer on the publication's power list, which appears in the Oct. 14 issue.

Fortune noted Toben's pivotal role in setting Verizon's financial strategy during a challenging time in the telecommunications industry. Rather than closing deals, she is "busy reducing debt and increasing cash flow," Fortune said in its cover article. Verizon, the largest company with a female CFO, is 11th on the Fortune 500 list.

"This is a well deserved honor," said Verizon CEO Ivan Seidenberg. "Doreen is a gifted financial manager who has achieved success by simply working hard and effectively on all the right things. She has an unwavering focus on fiscal discipline as she implements our strategy. We are fortunate to have her on our team."

Fortune measured several factors, including the revenues and profits each woman controls, the importance of her business in the global economy, and her career track and impact on culture and society. The magazine said another measurement -- "old-fashioned character" distinguishes its 2002 lineup of Most Powerful Women.

Toben was named Verizon's executive vice president and CFO in April. Previously, she was senior vice president and chief financial officer for Verizon's Telecom Group. She is a 30-year telecommunications veteran who worked her way up through the ranks.

Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 135.1 million access line equivalents and 30.3 million Verizon Wireless customers. Verizon is also the largest directory publisher in the world. With more than $67 billion in annual revenues and approximately 241,000 employees, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.