NEW YORK - Doreen A. Toben, executive vice president and chief financial officer of Verizon Communications Inc. (NYSE:VZ), today informed the Verizon Board of Directors of her plans to retire around mid-year 2009. A successor to Toben will be named shortly.
As CFO since 2002, Toben has been involved in virtually all of Verizon's strategic initiatives and significant decisions. She has been a major force in positioning the company for future growth and ongoing financial strength.
Verizon CEO Ivan G. Seidenberg said: "Doreen's contributions as CFO throughout Verizon's history as a company will make a profound and positive difference for many years to come. She has been an outstanding executive, helping Verizon integrate multiple acquisitions, demonstrate financial discipline, improve execution and strengthen our balance sheet for the benefit of investors. We are grateful for her dedication throughout her career and are pleased that she will stay to assist during the transition period."
Toben said: "I have had the good fortune of working with what I consider to be the best financial team in business today, as well as Verizon's superb senior leadership. I feel very good about how this company has transformed itself in a few short years to become the industry's premier provider of network-based communications services."
Since April 2002, Toben has been responsible for Verizon's finance and financial planning efforts. Under her leadership, Verizon has invested in advanced network technologies such as wireless broadband, fiber to the home and global Internet backbones, while maintaining a competitive dividend and a healthy balance sheet.
Prior to being CFO, Toben was senior vice president and chief financial officer for Verizon's Domestic Telecom group, with responsibility for finance and strategic planning.
Since the mid-1990's, Toben has played a key role in the series of mergers that created Verizon. She was vice president and controller for Bell Atlantic in July 2000, when the company merged with GTE to form Verizon. Prior to that, she was the chief financial officer of Bell Atlantic's telecom operations, and had been vice president of finance and controller when Bell Atlantic merged with NYNEX in August 1997.
Toben began her career in 1983 at AT&T in treasury and served in positions of increasing responsibility in the areas of finance and strategic planning there, and subsequently at Bell Atlantic. In 1986, Toben moved to Bell Atlantic-Pennsylvania, where she held a number of leadership positions in equipment engineering, operations, and small business and consumer market management. In 1992, she was named assistant vice president-comptroller at Bell Atlantic-New Jersey, and then appointed chief financial officer for the unit in 1993.
Toben holds a B.A. in political science from Rosemont College and an M.B.A. in finance and marketing from Fairleigh Dickinson University.
Since 2004, she has been on the Board of Directors of Citymeals-on-Wheels, The New York Times Company and Lincoln Center for the Performing Arts. Toben joined the National Advisory Board of J. P. Morgan Chase & Co. in 2003. She also serves on the Board of Verizon Wireless.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 80 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of nearly 224,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit www.verizon.com.