Seidenberg to replace Lee in Verizon chairman position

NEW YORK-Verizon Communications Inc. Chief Executive Officer Ivan Seidenberg will replace current Verizon board of directors chairman Charles Lee, who is set to retire his position Dec. 31.

Verizon noted Lee was originally scheduled to serve as chairman of the board until June 30, 2004, under terms announced when Bell Atlantic and GTE merged in 2000 to form Verizon, but recommended moving up the transition following the successful integration and operation of the company. Lee previously served as chairman and CEO of GTE.

“Verizon has demonstrated it’s on the right strategic path,” Lee said in a statement. “Accelerating this transition underscores my confidence in both the company and Ivan’s leadership.”