Verizon Weighs Moving Phone-Unit Workers to One Location

Published on: 25th January 2005

Verizon Communications Inc. (VZ) is considering moving hundreds of employees of its conventional-phone and wireless businesses to a single office campus outside its New York headquarters, Tuesday's Wall Street Journal reported, citing people familiar with the situation.

The campus would serve to bring together managers from both sides of the company's business in order to conduct joint planning. The most likely location for such a campus would be in New Jersey, where Verizon Wireless already has its headquarters. Other options, including no move at all, are under consideration, but are less likely, these people say.

Verizon's board was briefed on the options last Thursday. Even if many employees moved to New Jersey, Verizon's corporate headquarters would remain in New York City, people close to the company say.

Under the plan, top managers -- likely including Chief Executive Ivan Seidenberg -- would be likely to have offices in multiple locations, something many managers already have, according to people familiar with the matter.

Any move to an office campus in New Jersey depends on a series of wild cards, including efforts by politicians to attract or retain Verizon, these people say. The company's headquarters building in midtown Manhattan has been on the market for a while. If the company can't obtain the price it is seeking for the premises, any move could be scuttled.

Verizon, the nation's largest local-phone company, is putting increasing emphasis on growth businesses, such as wireless services, high-speed Internet and even television.

Wall Street Journal Staff Reporter Almar Latour contributed to this report.

(END) Dow Jones Newswires"

 

Tags: [wall street journal]  [new jersey]  [ivan seidenberg]  [jersey] 

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