Lawrence Babbio Jr.
Lawrence T. Babbio Jr. | |
|---|---|
| Other names | Larry |
| Occupation | Telecommunications executive |
| Years active | 1966–present |
| Known for | Former president and vice chairman of Verizon; CEO of Afiniti; senior advisor to Warburg Pincus |
Lawrence T. Babbio Jr., commonly referred to as Larry, is a former president and vice chairman of Verizon, where he managed both Verizon Telecom and Verizon Business divisions. Additionally, he was a member of the Verizon Wireless board. Since 2007, Babbio has acted as a senior advisor to Warburg Pincus, a firm specializing in private equity, and currently holds the position of CEO at Afiniti.
Babbio's career in telecommunications began in 1966 at New Jersey Bell Telephone, where he undertook various roles including engineering, network construction, and technology development across New Jersey Bell and AT&T. In January 1995, he was appointed vice chairman of Bell Atlantic Corporation.
Prior to the merger between Bell Atlantic and GTE, Babbio served as president and COO of Bell Atlantic. In this capacity, he directed all aspects of business operations, restructured organizational units, led the merger efforts, and pursued avenues for growth.
He also chaired Bell Atlantic’s Global Wireless Group, spearheading the company’s wireless strategy both domestically and internationally, which resulted in substantial expansion of its wireless assets.
In May 2002, Babbio joined the board of directors at Hewlett-Packard Company. His previous board memberships include Compaq Computer Corporation beginning in 1995 and ARAMARK Corporation since 1999. He currently serves as chairman of the board of trustees at Stevens Institute of Technology.
Babbio earned a Bachelor of Engineering degree in electrical engineering from Stevens Institute of Technology and holds an M.B.A. from New York University.
Attorney General Matter
On September 17, 2009, New Jersey Attorney General Anne Milgram initiated legal action against Babbio and Stevens Institute president Harold J. Raveché. The state's complaint contained sixteen counts alleging that Stevens’ leadership concealed financial difficulties from trustees, exceeded approved spending limits, misappropriated restricted funds, and allowed the endowment to shrink by $42 million between 2000 and 2009. The lawsuit also scrutinized Raveché’s loans from the institution at below-market rates and his compensation package, which surpassed that of the president of Massachusetts Institute of Technology.
Stevens Institute contested these claims by filing a preemptive lawsuit against New Jersey and sought to keep the attorney general’s proceedings confidential.
The dispute was resolved through a settlement on January 15, 2010. Terms included Raveché repaying low-interest loans and implementing governance reforms at Stevens. After serving as president for 22 years, Raveché stepped down at the conclusion of the 2010 academic year and was succeeded by Dr. Nariman Farvardin. Babbio concluded his tenure as board chairman in May 2013; his successor was fellow Stevens graduate and Verizon executive Ms. Virginia P. Ruesterholz, with Babbio being named chairman emeritus afterward.
On June 6, 2016, the court lifted the consent decree between Stevens Institute and the New Jersey attorney general. This decree addressed governance issues existing before 2010. The court acknowledged Stevens’ full compliance with its obligations and ongoing dedication to exemplary governance standards, thereby allowing increased flexibility for future improvements.
References