DOW JONES NEWSWIRES
Verizon Communications Inc.'s (VZ) chief operating officer will
retire by the end of the year, marking the second exit of a top
executive this year.
Dennis Strigl, a 41-year communications-industry veteran, is
widely seen as one of the most prominent leaders of the
wireless-communications industry, Verizon said.
Strigl has also held positions at rival AT&T Inc. (T) and
Wisconsin Telephone. He joined Bell Atlantic, the predecessor
company to Verizon, in 1989, and eventually served as president and
chief executive of Verizon Wireless until assuming his current role
in 2007.
He continues to serve on a handful of boards, including those of
Verizon Wireless, Eastman Kodak Co. (EK) and PNC Financial Services
Group Inc. (PNC).
"He has been a major force in the transformation of Verizon,
positioning the company to lead in all of our strategic growth
areas," Chairman and Chief Executive Ivan G. Seidenberg said
Thursday.
No successor was immediately named for Strigl.
Verizon has relied on the continued strength of its wireless
business, maintaining growth in the area despite competition from
rival AT&T and Apple Inc.'s (AAPL) iPhone, as well as a number
of discount carriers.
In February, the company's then-chief financial officer, Doreen
Toben, said she would retire after a two-decade career in which she
integrated several major acquisitions. Toben served in that role
for seven years and was succeeded by John Killan in March.
In July, Verizon posted a 21% decline in its second-quarter
earnings as it suffered from a pullback in business spending.
Shares of the telecom giant were down 5 cents to $30.09 in
recent trading.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com