NEW YORK -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced that John F. Killian, executive vice president and chief financial officer, plans to retire at around the end of the year, after 31 years with the company. A successor will be named shortly, and Killian will work closely with Verizon Chairman and CEO Ivan Seidenberg to ensure a seamless transition.

As CFO since March 2009, Killian, 55, has focused on developing an exceptionally strong financial senior management team, moving key executives into important positions that have great impact on the success of the business. He has redoubled Verizon's focus on increasing cash flow, improving margins and demonstrating sustainable financial discipline.

"In the decades that I've worked with John, I have been continually impressed with his ceaseless energy, his loyalty and his love of the business," Seidenberg said. "He has been a wonderful source of advice and counsel to me and to the rest of Verizon's senior team. A tremendous leader with intense focus on positioning Verizon to win, he has made a significant and positive difference to Verizon. I fully respect his decision to retire in order to be closer to his family in New England, and we are delighted he will stay on board through the transition period."

Verizon Communications Inc. (NYSE: VZ)