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Thanks to deregulation, when it comes to telecom Frederic Salerno has seen it all. Starting 37 years ago as a staff assistant at New York Telephone Co., he had risen to become Nynex Corp.’s vice chairman of finance and business development prior to its 1997 merger with Bell Atlantic Corp. He then served as Bell Atlantic’s CFO until its 2000 merger with GTE Corp. New York-based Verizon Communications Inc., with $67 billion in revenues and $389 million in operating earnings in 2001, was the final product of all that consolidation. Salerno has been its CFO and vice chairman since the merger, but recently stepped down as CFO.

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