Ellen Wolf To Leave Bell Atlantic
Joins American Water Works Company as CFO
May 5, 1999
NEW YORK -- Bell Atlantic (NYSE:BEL) announced today that
Ellen C. Wolf, Vice President - Treasurer, will leave the corporation June
1 to become chief financial officer of American Water Works Company
(NYSE:AWK), the largest investor-owned water utility business in the
"As Treasurer, Ellen has done an outstanding job," said Bell
Atlantic Senior Executive Vice President and Chief Financial Officer
Frederic V. Salerno. "Her firm grasp of complex financial structures
enabled us to monetize more than $7 billion in Bell Atlantic assets. In
addition, she was a highly effective leader of our financial operations. She
leaves with our congratulations and best wishes."
Wolf joined Bell Atlantic in 1987 and rose through positions of increasing
responsibility in accounting, finance, strategic planning and business
development to become executive director - Strategic Planning and
Business Development for Bell Atlantic Enterprises International in 1992.
In 1994, she was named vice president -- Finance and Planning and Chief
Financial Officer of Bell Atlantic Mobile (BAM), and oversaw the due
diligence and integration work for BAM's 1995 merger with NYNEX Mobile.
She was elected Vice President-Treasurer, and an officer of the
corporation, in July 1995. As Treasurer she has directed the integration of
Bell Atlantic and NYNEX's Treasury and Finance operations, has
overseen the financing of various international ventures, and worked with
Salerno to design and implement two of the largest issues of exchangeable
notes ever sold.
To replace Wolf, Bell Atlantic named William F. Heitmann acting
treasurer. Heitmann, vice president -- asset management, will add
Treasury functions to his current responsibilities for Bell Atlantic's
pension and savings plans and financial subsidiaries.
Bell Atlantic is at the forefront of the new communications and
information industry. With 43 million telephone access lines and nine
million wireless customers worldwide, Bell Atlantic companies are
premier providers of advanced wireline voice and data services, market
leaders in wireless services and the world's largest publishers of directory
information. Bell Atlantic companies are also among the world's largest
investors in high-growth global communications markets, with operations
and investments in 23 countries.