Bell Atlantic And NYNEX Designate Larry Babbio As President and CEO, Network Group
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Bell Atlantic And NYNEX Designate Larry Babbio As President
And CEO, Network Group
Announce Additional Organizational Changes
February 12, 1997
PHILADELPHIA/NEW YORK -- 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.
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
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
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;
- The International Telecommunications Group, group president to be
In addition, all business development and finance activities in the
combined company will be consolidated under Fred
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,
a single enterprise-wide approach to staffing," said Seidenberg.
the same time, we're incorporating the best operational design. These
organizational changes truly represent the best of both companies."
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.