Verizon Wireless 2009 Annual Report Download - page 7

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VERIZON COMMUNICATIONS INC. 2009 ANNUAL REPORT
By remaining true to our core strategies and beliefs, we have entered 2010 in a good position to
benefi t as the economy rebounds. Of course, even as the economy returns to “normal,” the larger
forces transforming our industry – technology change, competition, globalization and changing
customer behaviors – mean we’ll never return to an old defi nition of “normal” again. We know we
need to change the way we work to refl ect these new realities. That’s why we are acting
aggressively to reduce our cost structure and improve productivity by reorganizing our wireline
business, reducing our force and using our technology and global scale to drive effi ciencies
throughout our business.
We remain as confi dent as ever in the underlying value of what we’ve built, and our investors
can be assured that we are taking every action in our power to deliver on that promise and see
Verizon’s value refl ected in our stock.
I would like to make special mention of two Verizon leaders who retired in 2009. From our
retired chief fi nancial offi cer, Doreen Toben, we inherit a record of fi nancial discipline, a strong
balance sheet and a passion for execution. Chief Operating Offi cer Denny Strigl, who retired last
December with 41 years of service, is truly one of the legendary fi gures of our industry. He built
Verizon Wireless into one of the most amazing growth companies in this or any industry. His work
ethic and high standards inspired generations of Verizon leaders and helped create a culture of
performance that is his lasting legacy to our company. All shareowners owe both these
extraordinary leaders a debt of thanks.
As always, I am grateful to our Board of Directors for their stewardship and leadership in
supporting the investments and strategies required for our long-term success. I also wish to thank
our employees for their efforts in a tough year. Once again, they have proven to be a force for good
in their communities and express our values in every interaction with customers. Whether it’s
digging out from historic snowstorms on the East Coast, springing into action with donations of
time and money after the earthquake in Haiti or simply doing the work, day in and day out, of
maintaining our customers’ vital human connections, our employees continue to demonstrate the
commitment to a higher purpose that characterizes all great companies.
In fact, if there’s a silver lining to the challenging times we’re living through, it’s that the value
of what we do has never been more apparent. In the face of a global recession, economies all over
the world are looking for ways to become smarter, more productive and more competitive. The key
to a smart economy is smart technology that can transform industries and change society. Our
industry is building the smart networks that will be the platform for growth, not just for us but for
America and the world – and Verizon is in the very center of this transformation, as we reinvent
ourselves around mobility, broadband and global connectivity.
That’s why I’ve never been more convinced about the future of our company.
There’s no question in my mind that Verizon is headed in the right direction. The challenge for
us in 2010 is to run faster. You can be assured that everyone at Verizon is approaching that
challenge with confi dence in what we do, pride in our accomplishments and a determination to
extend the record of excellence we have built in the fi rst decade of the 21st century into the next.
Ivan Seidenberg
Chairman and Chief Executive Offi cer
$17.5 $17.2 $17.0
Capital Expenditures
(billions)
07 08 09
$5.2
$6.0 $6.3
Verizon Wireline
Strategic Services
Revenue
(billions)
07 08 09
5