Seidenberg stepped down as CEO in July 2011 and continued to serve as chairman and as a member of the Verizon Board of Directors through December 2011 when he retired from the company, succeeded by Lowell McAdam.

Born into a Jewish family,[1] Seidenberg began his career in telecommunications as a cable splicer, straight from high school.

[3] Seidenberg started his career as a cable splicer helper at New York Telephone, eventually becoming head of NYNEX in 1994.

[7] Seidenberg continues his involvement in wireless communication technology businesses as a member of Ingenu's board of directors.

The Federal Reserve Bank bought $1.5 billion of Verizon's short term (90 days)[10] commercial paper.