Verizon Communications said that CFO Doreen Toben would retire from the company in mid-2009, capping a seven year career with the company and more than 25 years in the telecom industry. Verizon said a successor would be named shortly.
Toben, 59, also an executive vice president at the company, has been CFO since 2002, and has been involved in almost all of the company's key strategic decisions.
"I have had the good fortune of working with what I consider to be the best financial team in business today, as well as Verizon's superb senior leadership," Toben said in a release. "I feel very good about how this company has transformed itself in a few short years to become the industry's premier provider of network-based communications services."
Toben played a key role in the series of mergers in the mid-1990's that created Verizon. She was vice president and controller for Bell Atlantic in July 2000, when the company merged with GTE to form Verizon. She was also CFO of Bell Atlantic's telecom operations, and had been vice president of finance and controller when Bell Atlantic merged with NYNEX in August 1997. Toben began her career in 1983 at AT&T in the treasury department.
Verizon Communications, which jointly owns Verizon Wireless along with Vodafone, reported fourth quarter earnings last week. While Verizon Wireless showed strong revenue growth, the company's wireline businesses, Verizon Telecom and Verizon Business, had year-over-year revenue declines. Verizon Wireless, following its $28.1 billion acquisition of Alltel, is now the nation's largest wireless operator, with over 80 million subscribers.
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