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Lawrence Babbio Jr.
Lawrence T. Babbio Jr., generally called Larry, is a former vice chairman and president of Verizon, with responsibility for the Verizon Telecom and Verizon Business units. He was also a member of the board of directors of Verizon Wireless. Since 2007, Babbio has been a senior adviser to Warburg Pincus, a private equity firm. He is the CEO of Afiniti.
Babbio began his communications career in 1966 with New Jersey Bell Telephone. He worked in a variety of positions in engineering, network construction, and technology development with New Jersey Bell and AT&T. In January 1995 he was elected vice chairman of Bell Atlantic Corporation.
Prior to the Bell Atlantic/GTE merger, Babbio was president and chief operating officer for Bell Atlantic. He shared oversight of, and responsibility for, all of the corporation's business operations, restructuring of the business units, the GTE merger process, and developing new growth opportunities.
Babbio also was chairman of the company's Global Wireless Group, one of the largest wireless operations worldwide. He was the lead executive in charge of developing Bell Atlantic's domestic and international wireless communications strategy. Under his leadership, Bell Atlantic substantially increased the size and scope of its domestic and international wireless holdings.
In May 2002 Babbio was elected to the board of directors of Hewlett-Packard Company. He previously was on the board of Compaq Computer Corporation since 1995. He has been on the board of ARAMARK Corporation since 1999. Babbio also is chairman of the board of trustees of Stevens Institute of Technology.
Babbio graduated in 1962 from St. Peter's Preparatory School in Jersey City, New Jersey, and has been inducted into the school's alumni hall of fame. He holds a B.E. in electrical engineering from Stevens Institute of Technology, and an M.B.A. from New York University.
On September 17, 2009, New Jersey Attorney General Anne Milgram announced charges against Babbio and Stevens Institute of Technology president Harold J. Raveché. According to the state's 16-count lawsuit, Stevens' leaders kept several trustees in the dark about the school's financial condition. Raveché and his administration allegedly spent the school's money at greater rates than the board approved, scavenging restricted assets, excessive loans and gifts to the school earmarked for other purposes. Milgram also sought reforms to the school's governance and accounting.
The lawsuit alleged that Raveché and Babbio misrepresented the finances of the school and caused the endowment to fall by $42 million from $157 million in 2000 to $115 million in 2009. The lawsuit detailed that Raveché received below-market loans from the school, at least some of which were forgiven by Stevens. The complaint also raises questions about Raveché's salary which had been greater than that of the president of Massachusetts Institute of Technology, a much larger, better known school.
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Lawrence Babbio Jr.
Lawrence T. Babbio Jr., generally called Larry, is a former vice chairman and president of Verizon, with responsibility for the Verizon Telecom and Verizon Business units. He was also a member of the board of directors of Verizon Wireless. Since 2007, Babbio has been a senior adviser to Warburg Pincus, a private equity firm. He is the CEO of Afiniti.
Babbio began his communications career in 1966 with New Jersey Bell Telephone. He worked in a variety of positions in engineering, network construction, and technology development with New Jersey Bell and AT&T. In January 1995 he was elected vice chairman of Bell Atlantic Corporation.
Prior to the Bell Atlantic/GTE merger, Babbio was president and chief operating officer for Bell Atlantic. He shared oversight of, and responsibility for, all of the corporation's business operations, restructuring of the business units, the GTE merger process, and developing new growth opportunities.
Babbio also was chairman of the company's Global Wireless Group, one of the largest wireless operations worldwide. He was the lead executive in charge of developing Bell Atlantic's domestic and international wireless communications strategy. Under his leadership, Bell Atlantic substantially increased the size and scope of its domestic and international wireless holdings.
In May 2002 Babbio was elected to the board of directors of Hewlett-Packard Company. He previously was on the board of Compaq Computer Corporation since 1995. He has been on the board of ARAMARK Corporation since 1999. Babbio also is chairman of the board of trustees of Stevens Institute of Technology.
Babbio graduated in 1962 from St. Peter's Preparatory School in Jersey City, New Jersey, and has been inducted into the school's alumni hall of fame. He holds a B.E. in electrical engineering from Stevens Institute of Technology, and an M.B.A. from New York University.
On September 17, 2009, New Jersey Attorney General Anne Milgram announced charges against Babbio and Stevens Institute of Technology president Harold J. Raveché. According to the state's 16-count lawsuit, Stevens' leaders kept several trustees in the dark about the school's financial condition. Raveché and his administration allegedly spent the school's money at greater rates than the board approved, scavenging restricted assets, excessive loans and gifts to the school earmarked for other purposes. Milgram also sought reforms to the school's governance and accounting.
The lawsuit alleged that Raveché and Babbio misrepresented the finances of the school and caused the endowment to fall by $42 million from $157 million in 2000 to $115 million in 2009. The lawsuit detailed that Raveché received below-market loans from the school, at least some of which were forgiven by Stevens. The complaint also raises questions about Raveché's salary which had been greater than that of the president of Massachusetts Institute of Technology, a much larger, better known school.