Charels R. Lee
chairman & ceo, verizon communications
Telecom in the Aftermath: Reconnecting Customers, Rethinking Policy
Charles Lee, the co-chief executive officer of Verizon Communications Inc., speaking before a Boston College Chief Executives Club luncheon audience said today that there will be a wave of consolidation among the world's biggest telephone companies, even as America's biggest phone company looks to shrink itself. "The world doesn't need 25 major telephone companies," said Charles Lee. "I believe you will have four, five, six mega-companies that will endure, but I don't know when that will happen." Populist sentiment aside, sometimes consolidation can actually be the best thing for consumers, especially if it creates strong, viable companies in vital, capital-intensive industries.
On the issue of an initial public offering for Verizon Wireless, a joint venture between Verizon and Vodafone, Lee said, "It's on track. We're moving forward. [But] we've got to make sure we time it right with market conditions" before spinning off Verizon Wireless as a separate company.
Story ran in the Boston Globe and the Boston Herald on Thursday, November 8, 2001.