Ivan Seidenberg

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Ivan Seidenberg (Jim Wallace, 2001)

Ivan Seidenberg (born December 10, 1946) is the former chairman and CEO of Verizon Communications Inc.

His telecommunications career began more than 40 years ago when he joined New York Telephone, one of Verizon’s predecessor companies, as a cable splicer. He went on to lead Verizon from its inception in 2000, first as co-Chief Executive Officer, then as sole CEO, and then as CEO and chairman. He transformed Verizon into a premier global network company by building a nationwide wireless network, deploying high-speed fiber broadband direct to homes, and expanding Verizon’s global Internet backbone network around the world.

Seidenberg stepped down as CEO in July 2011 and continued to serve as chairman and as a member of the Verizon Board of Directors through December 2011 when he retired from the company. Effective Aug. 1, 2011, Lowell McAdam, former President and COO of Verizon Communications, succeeded Seidenberg as CEO.

Previously, Seidenberg was chairman and CEO of Verizon’s predecessor companies, NYNEX and Bell Atlantic.

Early life[edit]

Born into a Jewish family,[1] Seidenberg began his career in telecommunications as a cable splicer straight from high school. He was wounded in Vietnam, and subsequently earned a bachelor's degree in mathematics from Lehman College, part of the City University of New York, and an MBA from Pace University.[2]

Career[edit]

Seidenberg started his career as a cable splicer 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,[4] which advises the president on communications issues related to national security, emergency preparedness and the protection of critical infrastructure.

Seidenberg is a member of the President’s Export Council, which advises the President on how to promote U.S. exports, jobs and growth, and the National Security Telecommunications Advisory Committee, which provides counsel on communications issues related to national security. From 2009 to 2011, he chaired the Business Roundtable, an influential association of CEOs of leading U.S. companies.

Seidenberg is also a member of the New York Academy of Sciences’ President's Council and serves on the board of trustees of the New York-Presbyterian Hospital, The New York Hall of Science, Pace University, the Paley Center for Media, and on the Board of Directors of BlackRock Inc.

In 2012, Seidenberg joined Perella Weinberg Partners, a premier boutique investment banking firm, as an advisory partner.

Compensation[edit]

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]

Controversy[edit]

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]

Personal life[edit]

Seidenberg and his wife, Phyllis, have two adult children and reside in the New York City suburbs.[4]

External links[edit]

References[edit]

  1. ^ Renee, Ghert-Zand. "Wealthy Jewish New Yorkers Are Packing Heat". The Forward. Retrieved June 29, 2013. 
  2. ^ Iwata, Edward (2005-02-15). "Verizon's Seidenberg a 'true visionary'". USA Today. Retrieved 4 February 2010. 
  3. ^ Lewis, Mark (11 March 2002). "Ivan Seidenberg, On Top At Last". Forbes. Retrieved 4 February 2010. 
  4. ^ a b "Ivan G. Seidenberg". Verizon. Retrieved 4 February 2010. 
  5. ^ 2009 CEO Compensation for Ivan G. Seidenberg, Equilar.com
  6. ^ Moore, Heidie. "Ivan Seidenberg, Verizon CEO: No Bailout for Me, Thanks". Wall Street Journal. Retrieved 8 October 2008. 
  7. ^ "Bob Varettoni on Dec 6, 8:46 PM said:". Business Insider. Retrieved 13 March 2011. 
  8. ^ "Fed to Purchase U.S. Commercial Paper to Ease Crunch". Bloomberg. 7 October 2008. Retrieved 13 March 2011.  |first1= missing |last1= in Authors list (help)
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