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VERIZON COMMUNICATIONS INC. 2008 ANNUAL REPORT
strongdividend–totranslatethestrengthofourcompanyintoexcellenceforourcustomersand
valueforourinvestors.
Iwanttoexpressmyappreciationtoouremployeesfortheirrock-soliddedicationtoour
customersandsterlingrecordofethicalmanagement,diversityandvolunteerism.In2008,they
volunteered600,000hours,contributedtensofmillionsofdollarstocharitiesandcommunity
organizations,andrespondedwithtremendousskillwhenicestorms,hurricanesandother
emergenciesthreatenedourcustomers’vitalcommunicationslines.Theiradherencetoourvalues
continuesinbadtimesaswellasgoodandisoneofthemajorreasonsI’moptimisticaboutour
future,despitethechallengesofthecurrenteconomicenvironment.
IalsowouldliketociteourBoardofDirectors,whoseforethoughtandsteadfastnessin
pursuingourstrategicgoalshasbeencriticaltooursuccess.Specialthanksgotolongtimeboard
memberRobertStorey,whoretiredin2008with23yearsofservice.
Finally,allVerizonshareownersoweadebtofgratitudetotwoexecutiveswhohaveputtheir
markonourcompanyandourindustry.WilliamBarrretiredattheendof2008,havingservedas
Verizon’sgeneralcounselsinceourinception.Billpavedthewayforagrowing,competitive
communicationsmarketplacebyleadingthechargetoreformthewayourindustryisregulated.
Hesetthestandardforwhatitmeanstobeasuperiorgeneralcounsel.Ourchiefnancialofcer,
DoreenToben,willretirethisyearwithdecadesofservicetoourcompany,thelastsevenasCFO.
Doreen’scontributionstoVerizonareprofound.Youcanseeherimprintonourcultureofnancial
discipline,ourstrongbalancesheet,ourdiversiedassetbase,andourpassionforexecution.Her
inuencewillbevisibleformanyyearstocome.
Forallthechallengesinourenvironment,weapproachthefuturewithcondence.Infact,I
believeVerizonwillbeoneofthecompaniesthatwillhelpputoureconomybackonthepathto
prosperityandgrowth.Ourproductsandservicesareindispensableinthelivesofmillionsof
customers.Ourserviceswillbekeytoolsforbusinesseslookingtoworksmarterandfaster.Our
technologiescanhelpsolvethebigsocialchallengesofourtimesuchasenergyefciencyand
healthcarereform.Wehavethenancialstrengthtogrowandinvestinthefuture.Andwehave
greatpeople,whowanttodorightbyourcustomers,ourcompany,ourcommunitiesandour
country.Icouldn’tbemoreproudoftheirperformance.
Lastyearinthisspace,IsaidVerizon’sgoalwastobethebestcompanyinthecommunica-
tionssector,period.Toachievethatkindofsustainedleadershiprequiresseveralthings.Youneed
therightideasaboutwherethemarketisgoingandwhatdifferentiatesyourcompanyinyour
industry.Youneedtherightvaluestocreatetherelationshipsonwhichlong-termsuccessisbuilt.
Andyouneedtherightcultureofaccountabilitytoturnthoseideas,beliefsandvaluesintoaction
andresults.
That’showwerunourbusiness.Ourideaofthefuture,ourvalues,andourcommitment
toaccountabilitywillkeepusfocusedonourpursuitofexcellence,regardlessofhowrockythe
roadahead.
Toughtimesgiveustheopportunitytolead.Iamcondentthatwewillrisetothechallenge
ofdeliveringvalueforourshareownersandcustomersin2009.
IvanSeidenberg
ChairmanandChiefExecutiveOfcer
$17.1 $17.5 $17.2
CAPITAL EXPENDITURES
(billions)
06 07 08
$4.1
$5.2
$6.0
VERIZON BUSINESS
STRATEGIC SERVICES
REVENUE
(billions)
06 07 08