Verizon CFO to Retire in Mid-2009

Verizon's Chief Financial Officer, Doreen A. Toben has announced her intention to retire around the middle of this year. As CFO since 2002, Toben has been involved in virtually all of Verizon's strategic initiatives and significant decisions. The company said that a successor to Toben will be named shortly.

Verizon CEO Ivan G. Seidenberg said: "Doreen's contributions as CFO throughout Verizon's history as a company will make a profound and positive difference for many years to come. She has been an outstanding executive, helping Verizon integrate multiple acquisitions, demonstrate financial discipline, improve execution and strengthen our balance sheet for the benefit of investors. We are grateful for her dedication throughout her career and are pleased that she will stay to assist during the transition period."

Since April 2002, Toben has been responsible for Verizon's finance and financial planning efforts. Prior to being CFO, Toben was senior vice president and chief financial officer for Verizon's Domestic Telecom group, with responsibility for finance and strategic planning.

Since the mid-1990s, Toben has played a key role in the series of mergers that created Verizon. She was vice president and controller for Bell Atlantic in July 2000, when the company merged with GTE to form Verizon. Prior to that, she was the chief financial officer of Bell Atlantic's telecom operations, and had been vice president of finance and controller when Bell Atlantic merged with NYNEX in August 1997.

In 2006, Toben was named one of the "50 Most Powerful Women in Business" by Fortune Magazine; her fourth consecutive year on the list.

Posted to the site on 6th February 2009