Verizon President Quits

Verizon (VZ) President Larry Babbio calls it quits.

The vice-chairman of the New York phone giant says he will retire sometime in the first quarter.

Babbio ran Verizon's business services unit as well as the company's conventional phone operations. He had worked for Verizon 41 years, including his stint as operating chief of Bell Atlantic prior to the merger with GTE.

Babbio had been one of the company's most public supporters of the costly fiber-optic expansion plan called FiOS. The multibillion dollar effort helps add video to Verizon's service offering and a crucial triple play to counter cable companies that offer phone and fast Internet service.

"With Verizon Business meeting all our post-merger expectations and our broadband and video business opening new opportunities in the marketplace, this is the right time to transition to the next generation of leadership," Babbio said in a press release.

"He has been one of the industry's most adept technology leaders and has been instrumental in helping chart the right course for Verizon," CEO Ivan Seidenberg said in the same press release.

Verizon shares closed up 38 cents at $35.69 Monday.

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