Verizon co-CEO Lee to step down early
Verizon Communications Chairman and Co-CEO Charles Lee will step down at the end of this month, three months earlier than originally planned. Ivan Seidenberg will take command as sole CEO on April 1.
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Citing the successful merger and integration of Bell Atlantic and GTE that formed Verizon three years ago, Lee recommended to the Verizon board of directors an acceleration of the leadership transition plan agreed to at the time of the merger. The board accepted Lee’s recommendation during a strategy meeting held over the weekend.
“The time is right for us to make this change,” Lee said in a statement. “Ivan and I have shared a vision in creating this company, and it’s time for one CEO to focus on the long-term strategies and day-to-day execution that will take Verizon to the next level. Ivan is that person.”
Lee will officially retire from Verizon as planned on June 30, and continue as non-executive chairman of the board until June 30, 2004.
--Glenn Bischoff, senior news writer
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© 2012 Penton Media Inc.
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