Verizon Communications Inc. (VZ) said Thursday that telecommunications veteran and Chief Operating Officer Dennis Strigl plans to retire from the company by the end of the year, potentially paving the way for a clearer succession plan.

Strigl's departure will leave open the No. 2 position at the New York-based telco, which presumably would become the potential successor to Chairman and Chief Executive Ivan Seidenberg. His retirement also marks the second exit by a top executive this year.

A successor wasn't immediately named, and Verizon declined to comment on any candidates. Strigl said he was comfortable leaving due to the depth of the executive team, but said the decision on a replacement would ultimately be up to Seidenberg.

"We have a sound strategy moving forward," he told Dow Jones Newswires on Thursday. "The senior executive team in my mind is the best bar none."

In March, John Killian stepped in to replace Chief Financial Officer Doreen Toben, who earlier this year announced her retirement after a two-decade career.

It's unclear who would step in to fill Strigl's shoes.

"My guess is it's going to be someone internal," said Chandan Sarkar, an analyst for Auriga USA LLC.

He continues to serve on a handful of boards, including those of Verizon Wireless, Eastman Kodak Co. (EK) and PNC Financial Services Group Inc. (PNC).

Strigl, 63, has been planning his retirement for months after more than 41 years in the telecommunications industry. He played a key role in the introduction of wireless service in 1984, and was also instrumental in the wave of telecom mergers that formed the current iteration of Verizon.

More recently, he's helped position Verizon to rely more on the faster growing wireless business, shifting away from the deteriorating traditional landline operations. He's also had a hand in upgrading the network with faster fiber-optic lines, allowing the company to offer television through its FiOS service.

The company's continued strength in the downturn was illustrated earlier Thursday by its decision to raise its dividend for the third consecutive year, although the jump was smaller than in the past.

"He has been a major force in the transformation of Verizon, positioning the company to lead in all of our strategic growth areas," Seidenberg said in a statement.

Strigl plans to pursue other projects, including a stint as a possible aviation instructor. Before joining New York Telephone in 1968, he was on track to be a commercial airline pilot.

Verizon rose 9 cents to $30.23.

-By Roger Cheng, Dow Jones Newswires; 212-416-2153; roger.cheng@dowjones.com