Verizon Wireless 2006 Annual Report Download - page 17
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code,andwehaveestablishedstandardsofconductforoursupplierstoensurethat
theyconductbusinessinaccordancewithourstandardsofintegrityandrespect.
Wehaveseensomesignicantchangesinourseniorleadershipteamthisyear.
Ourvicechairmanandlongstandingtechnologyguru,LarryBabbio,hasdecided
toretireaftermorethan40yearsinthecommunicationsindustry.Wewillfeelthe
inuenceofhispassionatebeliefinsuperiornetworksasthebasisofcompetitive
advantageandvaluecreationforyearstocome.InJanuary,wecreatedthreenew
seniorpositionsatthecorporatelevel,namingDennyStriglaspresidentandchief
operatingofcer,JohnStrattonaschiefmarketingofcer,andShayganKheradpir
aschiefinformationofcer.
Shareownerslooktotheboardofdirectorstousegoodcorporategovernancein
overseeingmanagement’sperformanceandresults.Theboard’soversightfocuses
onthreeprincipalareas:strategydevelopmentandexecution,riskmanagement,
andmanagementdevelopment.Verizon’sboardofdirectorshasbeeninstrumental
in leading our company through a period of historic technological and competi-
tivetransformation,balancinglong-terminvestmentwithrigorousperformance
standardsthatdrivemanagementtobuildshareownervalue.Boardmembersare
activeandvigorousadvocatesforshareownerinterests,reviewingstrategicplans
andholdingmanagementaccountableforthesuccessfulexecutionofannualoper-
atingplans.Ourfullboardmet12timesandthere wereatotalof 21committee
meetings in2006. Independent board members meetregularly in executiveses-
sionandannuallyelectanindependentdirectortoserveasthepresidingdirector
andactasaliaisonwiththechairman.
Duringthepastyear,theboardelectedtwonewdirectors–FranKeethandJohn
Snow–whobringtoustremendousexpertiseinglobaloperationsandnance.Over
thepastthreeyears,venewindependentdirectorshavebeenaddedtotheboard.
Webelievethatourauditandnancecommittee,ledbyThomasO’Brien,isone
ofthestrongestinallofcorporateAmerica.Ourcorporategovernanceandpolicy
committee,ledby SandraMoose, continuesto developrigorous corporate gover-
nancestandardsthatgoverntheboardanditscommittees.Ourhumanresources
committee,ledbyWalterShipley,hashelpedputinplaceateamofseniorexecu-
tiveswithproventrackrecords,adeepknowledgeoftechnologyandmarkets,and
ademonstratedabilitytoleadusforwardatcriticaljuncturesinourhistory.
Creatinganaligned,accountablecompanyistheworkofleaders.Toachieve
the superb execution we require across our big, diverse and complex company,
Verizonleadersmustactonafewsimplerules.
Verizon
Core Values
Respect
Integrity
Performance Excellence
Accountability
VER I ZON C OMMUN I CATION S INC. 2006 ANNUA L REP O RT