Verizon Communications Inc. (VZ) said Thursday that its president and chief operating officer Dennis Strigl plans to retire by the end of this year.
Strigl, 63, is responsible for the operations of Verizon's network-based businesses - Verizon Wireless, Verizon Telecom and Verizon Business -- as well as Verizon Services Operations, which provides financial, real estate and other services to all of the company's operations.
Before being appointed to his current role in January 2007, Strigl served as president and chief executive officer of Verizon Wireless, a joint venture between Verizon Communications and Vodafone Group Plc (VOD).
Strigl has served in the communications industry for more than 41 years. He began his career in 1968 with New York Telephone and held positions at AT&T and Wisconsin Telephone before becoming vice president of American Bell Inc. In 1984, Strigl became president of Ameritech Mobile Communications, where he was instrumental in launching the nation's first cellular network in Chicago.
Strigl joined Bell Atlantic in 1989, rising to the position of chief operating officer of New Jersey Bell before being named president and CEO of Bell Atlantic Mobile in 1991. He subsequently was appointed president and CEO of the combined Bell Atlantic Mobile and NYNEX Mobile when those two companies merged in 1995.
Calling Strigl's contributions to Verizon and the communications industry "legendary", Verizon Chairman and Chief Executive Officer Ivan Seidenberg said, "His leadership at Verizon and his deep roots in the communications industry have created a tremendous legacy and a blueprint for us to follow."
Earlier Thursday, Verizon raised its quarterly dividend by 1.5 cents or 3.3% to 47.5 cents. The new dividend is payable on Nov. 2 to shareholders of record on Oct. 9.
Verizon shares are currently trading at $30.10, down 4 cents. The share are trading in a 52-week range of $23.07 to $36.01.
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