William F. Heitmann was named senior vice president-finance at Verizon Communications Inc., New York, and will replace T. Britton Harris IV as president of Verizon Investment Management Corp., confirmed Robert Varettoni, Verizon spokesman. According to an internal company e-mail memo obtained by Pensions & Investments, Mr. Heitmann will continue to manage the assets of Verizon Capital Corp., Verizon's equipment leasing and financing subsidiary. Mr. Heitmann was treasurer of Verizon Communications. A replacement will be named at a later date.
"Bill brings the right combination of financial knowledge and leadership experience that uniquely qualifies him for this critical position," Doreen Toben, Verizon Communications CFO, said in the memo. "As treasurer, he's successfully guided corporatewide financing activities, capital markets, rating agencies and cash management, and I know he will excel in his new role."
Mr. Harris was named CEO of Bridgewater Associates in November. Mr. Harris and Ms. Toben set up a three-member management committee to manage Verizon Investment Management's $60 billion in assets, which includes $40 billion in Verizon pension plan assets. Mr. Heitmann will determine if that committee will remain. Committee members are William J. Raver, COO and managing director-external equities; Wayne Hofmann, managing director-equity/trading; and A. Jay Baldwin, managing director-private equity.