Article Abstract:
Bell Atlantic Chmn and CEO Raymond W. Smith promotes CFO Lawrence T. Babbio Jr and Pres James G. Cullen to vice chairmen, setting up a competition to succeed Smith. For his part, Smith, 56, disavows any plans to step down in the next few years. The two appointees have sharply contrasting personalities. The frank-speaking Babbio has been one of Bell Atlantic's key dealmakers. He worked on the ill-fated effort to acquire Tele-Communications Inc and represented Bell Atlantic in negotiations with AirTouch Communications, U S West and Nynex Corp to set up a national cellular telephone network. Babbio will oversee Bell Atlantic's network operations, which include a multibillion-dollar effort to upgrade the company's infrastructure so it can deliver video to homes. Cullen, 52, has been Bell Atlantic's lead man in Washington, advocating for regulatory approval to acquire TCI and enter the long-distance business. He will now oversee Bell Atlantic's marketing efforts.
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Article Abstract:
AT&T has named Alex J. Mandl as the head of the central communications company and Henry B. Schacht as the head of the equipment company that will be formed after the corporation splits itself into three entities. AT&T has also received welcome news from the FCC, which has removed restrictions requiring that AT&T advertise all residential rate changes at least a month in advance. AT&T CEO and Chmn Robert E. Allen will remain with the $70 billion Communications Services Group, of which Mandl will be president and CEO. Schacht's appointment surprised many observers who anticipated that Richard A. McGinn would get the appointment. McGinn led the Network Systems group into profitability with a number of contracts for its switching and transmission equipment; he will now serve as Pres and CEO of the $20 billion equipment company. Allen states that the broad line of products the new equipment company will produce requires a leader with more experience.
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Article Abstract:
After Deutsche Telekom's failed bid to merge with Telecom Italia, the telecommunications industry giant has pledged to his stockholders to keep trying to acquire other companies. Currently Deutsch Telecom is an negotiating a partnership with France Telecom and the Spring Corporation. However, the deal is extremely complicated and negotiations are not going smoothly.
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