Verizon Wireless 2010 Annual Report Download - page 7

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VERIZON COMMUNICATIONS INC. | 2010 ANNUAL REPORT
2010 was a year of change and transition for Verizon. The Board of Directors named Lowell
McAdam – one of the architects of our industry-leading wireless franchise for the last 10 years –
president and chief operating officer for the corporation, with the expectation that he will become
chief executive officer when I retire in the second half of 2011. The Board also named a new chief
financial officer, Fran Shammo, following the retirement of John Killian after 31 years of
distinguished service. Fran is one of our most talented and experienced executives, having held
both operating and finance jobs and worked in all major segments of the business. Having two
executives of unusual depth and experience for these key positions demonstrates the
extraordinary bench we have at Verizon and assures shareowners of a smooth leadership transition.
We are indebted to the members of our Board of Directors for their wise stewardship and
strategic guidance. And as always, we’d also like to thank our employees for another great year of
serving our customers and our communities. In thousands of daily actions, they embody our
performance-based culture and the commitment to integrity that underlies everything we do.
Thanks to them, Verizon continues to be known as a company that stands for something larger
than itself; our long list of accolades – Fortune’s Most Admired Telecommunications Company in
2010, Newsweek “Global Green 100,” the Dow Jones Sustainability North American Index and
Diversity, Inc.’s Top 50, to name a few – speaks to their passion for turning our values into action.
We love what we do, and as we transform Verizon for the high-tech future ahead, we rely on the
steadfast dedication of our people to building a business as good as the networks it runs on.
Whatever the economic challenges of the last few years, we have always had confidence in
our vision of the future – confidence rooted in our absolute belief in the value of what we do.
We’ve shown that it’s possible to change the growth trajectory of our company by investing in
technology, skills and innovative capacity. In the process, we are helping create value across the
economy: opening new markets, redefining productivity and jump-starting new industries. And in
creating business value, we are creating social value as well by using our technology to help
address the world’s most pressing problems, from education to energy to health care.
Investment, innovation and sound financial management have paved the road to the future
for Verizon and can do the same for America. We’re excited about the possibilities ahead and proud
of the contributions we have made toward putting our country on the path to sustained growth,
competitiveness and prosperity in the years ahead.
Ivan Seidenberg
Chairman and Chief Executive Officer
$17.1 $16.9 $16.5
Capital Expenditures
(billions)
08 09 10
$5.9 $6.2 $6.6
Wireline Strategic
Services Revenue
(billions)
08 09 10
55