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Today's Thought-The Verizon head |
Monday, March 2, 2009 |
Chairman and chief executive officer, Verizon
Ivan G. Seidenberg, who started at the bottom of the telecommunications industry and worked his way to the top, transformed Verizon into a leader in both the traditional phone market and the wireless industry. The company's history can be traced back to the breakup of AT&T in the mid-1980s, when the Baby Bells were born. Originally there were seven Baby Bells, but they ultimately merged into four giants, including Verizon (formed in 2000 when Bell Atlantic merged with GTE), SBC, BellSouth Corporation, and Qwest Communications International. These companies controlled the local phone service market and were even awarded free radio wave spectrum licenses to start cellular phone services. But at the end of the 20th century, Verizon and the other Baby Bells watched their monopolies dissipate as they faced competition from the cable industry.
Verizon remained the biggest of all the Baby Bells. In 2004 it led the local market—dominating the Northeast with 35 million local phone customers, more than any other telecom—and was the number two long-distance provider, behind AT&T. Verizon boasted 2003 sales of $68 billion and a market capitalization of nearly $100 billion. Meanwhile, Verizon Wireless, the company's joint venture with Vodafone, was the number one U.S. wireless provider. As for the future, Seiden-berg bet on broadband. Hoping to thwart attacks from cable companies, Seidenberg fought back on broadband, investing heavily on the belief that customers would pay to bring the technology into their households.
STARTING FROM THE GROUND UP
Seidenberg, who grew up in the blue-collar Gun Hill section of the Bronx, New York, worked his way into the upper echelons of the telecom industry. Having failed out of college during his first matriculation, Seidenberg found few doors open to him. He took a job with New York Telephone, climbing into manholes and splicing cable. But the country was at war, and Seidenberg was drafted into the U.S. Army.
WINNERS NEVER QUIT
Wounded at Khe Sahn, Vietnam, Seidenberg returned home a decorated war veteran and resumed work with the telephone company. While working in series of operations roles, Seidenberg was on a quest for self-improvement. Attending night school for 14 consecutive years, he earned an undergraduate degree and an MBA.
HARD WORK PAYS OFF
In 1974 he joined A&T, working in that company's engineering and federal regulatory departments. He rose to assistant vice president of rates and tariffs. In 1982 he was assigned to AT&T's divestiture transition team responsible for developing access charge proposals for its local telephone companies. Following the breakup of AT&T and the subsequent birth of the Baby Bells, Seidenberg joined NYNEX and worked his way up the ladder. At NYNEX he was vice president of external affairs, responsible for integrating all aspects of NYNEX's external activities involving public relations, corporate communications, federal government relations, and corporate advertising. He assumed the president and CEO position in January 1995 and the chairman title in April 1995.
WYD Team
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posted by Win Your Dreams @ 9:03 AM |
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