Ivan Seidenberg (born December 10, 1946) was the Chairman and CEO of Verizon Communications.[1] He is also the current Chairman of the Business Roundtable. Effective Aug. 1, Lowell McAdam, currently President and COO of Verizon Communications, will succeed Seidenberg as CEO. Seidenberg will continue to serve as chairman to facilitate the transition.
Seidenberg rose through the ranks from an entry level out of high school becoming CEO of NYNEX in 1994. He oversaw the mergers as it became Bell Atlantic in 1997 followed by the merger with GTE in 2000 to form Verizon. He stepped down as CEO in 2011 but maintains the chairman position.
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Seidenberg began his career in telecommunications as a lineman's assistant straight from high school. He was wounded in Vietnam, and subsequently earned a bachelor's degree in mathematics from the City University of New York and an MBA from Pace University. [2]
Seidenberg started his career as a cable splicer's assistant at New York Telephone, eventually becoming head of NYNEX in 1994. He took a senior position in Bell Atlantic after that company merged with NYNEX. When Bell Atlantic became Verizon, Seidenberg was sole CEO of the company.[3]
In 2006, Seidenberg donated $15 million to Pace University. Pace’s School of Computer Science and Information Systems was officially renamed the Ivan G. Seidenberg School of Computer Science and Information Systems.
In 2007, President George W. Bush named Seidenberg to the National Security Telecommunications Advisory Committee,[1] which advises the president on communications issues related to national security, emergency preparedness and the protection of critical infrastructure.
Seidenberg is chairman of the Business Roundtable.[4] He also serves on the board of directors/trustees of The Paley Center for Media, The New York Hall of Science, Pace University, The New York-Presbyterian Hospital and the Verizon Foundation. He is also a member of the President's Council of the New York Academy of Sciences.
While CEO of Verizon in 2009, Seidenberg earned a total compensation of $17,012,407, which included a base salary of $2,100,000, a cash bonus of $2,953,125, stocks granted of $11,079,000, no options granted, and other compensation of $880,282.[5]
On October 14, 2008 Ivan Seidenberg stated as reported in the WSJ: "Verizon CEO No Bailout for Me, Thanks,"[6] Seidenberg clearly indicated that Verizon was in great shape and would not take any TARP money. Despite subsequent allegations and reports to the contrary, Verizon did not take TARP money. The Federal Reserve Bank bought $1.5 billion of Verizon's short term (90 days)[7] commercial paper. The funds for the purchase of the short term IOUs, from several corporations, did not come from the TARP program. [8]
Seidenberg and his wife, Phyllis, have two adult children and reside in New York.[1]
| Business positions | ||
|---|---|---|
| Preceded by Company formed by merger between GTE and Bell Atlantic (where he was CEO) (and CEO of NYNEX since 1994 before its merger to become Bell Atlantic) |
Verizon CEO 2000–2011 Co-CEO with GTE's Charles Lee 2000-2002 Sole CEO 2002-2011 |
Succeeded by Lowell McAdam |