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February 10, 1997 CONTACT: Susan Kraus 212-395-0500 Jalkut Announces Retirement as President of the NYNEX Telecommunications Group NEW YORK--Feb. 10, 1997--Richard A. Jalkut, NYNEX president and group executive officer, today announced that he will retire from the company later this year after helping the company ensure a smooth transition through the Bell Atlantic and NYNEX merger. "After 31 wonderful and rewarding years at NYNEX, I feel this is the perfect time for me to pursue a second career and take a shot at something that is new and challenging. I'm comfortable doing this now because transition planning for the new company is well under way, we are growing faster than we have in years, and we have achieved dramatic improvements in our service over the past six months. I'm looking forward to being able to give serious consideration to the many opportunities available in today's dynamic marketplace. The position of President of the Network Group in the new company will certainly be an important assignment, but having enjoyed the diversity and challenges associated with being a CEO for the past six years, I know this is the right time to explore new leadership ventures. NYNEX has been a great place to work and I have many special friendships that I will always carry with me. I want to thank all of our employees for their support and dedication." NYNEX Chairman and CEO Ivan Seidenberg said, "Dick has been a major force in our company for a long long time. As President of New York Telephone and then of our combined New York and New England Telephone operations, he is successfully navigating us through what is, ironically, both the most competitive and the most heavily regulated telecommunications market in the country. That's quite an experience base and Dick has been an invaluable partner during these past several years. And while there were going to be enormous opportunities in the new Network Group, I am not completely surprised by Dick's desire to build upon his CEO leadership experience here. It is typically thoughtful and considerate of Dick to think this all through and to let me know his decision while our merger is still in the planning stages. Dick is a friend and will surely succeed in whatever he chooses to do." Frank Tasco, retired chairman of Marsh & McLennan Inc. and a director of the NYNEX Telecommunications Board said, "Dick Jalkut did a terrific job for the past six years, and while we are disappointed, we respect his decision and are pleased that he will be able to assist in the merger transition." During his tenure at NYNEX, Mr. Jalkut, 52, is credited with having voluntarily opened the New York telephone market to competition even as he grew NYNEX's revenues to record levels and with playing a key role in negotiating landmark incentive regulation agreements in the New York market. He also oversaw a major overhaul of the company's business processes and directed the consolidation of the operations of New England Telephone and New York Telephone resulting in major cost savings for the combined entity. On the labor front, he negotiated two union contracts that brought an unprecedented eight-year period of stability to the company's labor relations. Most recently, Mr. Jalkut has played a major role in effecting the NYNEX-Bell Atlantic merger. In addition to designing the new Network Group, he has served on the Merger Steering Committee, establishing the structure and management of the new company and identifying areas of synergy. Mr. Jalkut has been with various units of New England and New York Telephone for more than 30 years. He was named a vice president of New England Telephone in 1981 and a corporate officer of the company in 1985. In 1988, he was named executive vice president and chief operating officer of New England Telephone; two years later he was named to the same position at New York Telephone. He became president of New York Telephone in 1991 and was promoted to his current position in 1995. Mr. Jalkut has also been very active in the civic arena. He is currently chairman of the New York City Partnership and New York City Chamber of Commerce and was formerly Northeast regional president of the Boy Scouts of America, chairman of the Police Athletic League Capital Campaign in New York and chairman of the Business Council of New York State. He is a member of the Board of Directors of United Way of New York City, American Women's Economic Development Foundation, American Museum of Natural History, and the Board of Trustees of Lesley College and his alma mater, Boston College. In addition, he is a member of the Board of Directors of Marine Midland Bank and IKON Incorporated. NYNEX is a global communications and media corporation that provides a full range of services in the northeastern United States and high-growth markets around the world, including the United Kingdom, Thailand, Gibraltar, Greece, Indonesia, the Philippines, Poland, Slovakia and the Czech Republic. The corporation is a leader in telecommunications, wireless communications, directory publishing and video entertainment and information services. NYNEX is also managing sponsor of FLAG -- Fiberoptic Link Around the Globe -- the world's longest undersea fiber optic communications cable. FAX copies of recent NYNEX news releases are available free of charge, 24 hours a day. Call 1-800-331-1214 and an automated system will provide instructions. go to news archive