Ivan Seidenberg
Encyclopedia
Ivan Seidenberg was the Chairman and CEO of Verizon Communications
Verizon Communications
Verizon Communications Inc. is a global broadband and telecommunications company and a component of the Dow Jones Industrial Average...

. He is also the current Chairman of the Business Roundtable
Business Roundtable
The Business Roundtable is a politically conservative group of chief executive officers of major U.S. corporations formed to promote pro-business public policy.-History:...

. Effective Aug. 1, Lowell McAdam
Lowell McAdam
-Early life:McAdam earned a bachelor's degree in engineering from Cornell University and a master's degree in business administration from the University of San Diego. He also spent six years in the U.S...

, 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.

Early life

Seidenberg began his career in telecommunications as a lineman's assistant straight from high school. He was wounded in Vietnam
Vietnam War
The Vietnam War was a Cold War-era military conflict that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. This war followed the First Indochina War and was fought between North Vietnam, supported by its communist allies, and the government of...

, and subsequently earned a bachelor's degree in mathematics from the City University of New York
City University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...

 and an MBA
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...

 from Pace University
Pace University
Pace University is an American private, co-educational, and comprehensive multi-campus university in the New York metropolitan area with campuses in New York City and Westchester County, New York.-Programs:...

.

Career

Seidenberg started his career as a cable splicer's assistant at New York Telephone
New York Telephone
The New York Telephone Company was organized in 1896, taking over the New York City operations of the American Bell Telephone Company.-Predecessor companies:...

, eventually becoming head of NYNEX
NYNEX
NYNEX Corporation was a telephone company that served five New England states as well as most of New York state, except the Rochester area, from 1984 through 1997....

 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.

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, 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
Business Roundtable
The Business Roundtable is a politically conservative group of chief executive officers of major U.S. corporations formed to promote pro-business public policy.-History:...

. He also serves on the board of directors/trustees of The Paley Center for Media, The New York Hall of Science, Pace University
Pace University
Pace University is an American private, co-educational, and comprehensive multi-campus university in the New York metropolitan area with campuses in New York City and Westchester County, New York.-Programs:...

, 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.

Compensation

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.

Controversy

On October 14, 2008 Ivan Seidenberg stated as reported in the WSJ: "Verizon CEO No Bailout for Me, Thanks," 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) commercial paper. The funds for the purchase of the short term IOUs, from several corporations, did not come from the TARP program.

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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