NEW YORK -- The Verizon Board of Directors has named Verizon President and COO Lowell C. McAdam as president and chief executive officer of Verizon Communications Inc. (NYSE, NASDAQ: VZ), effective Aug. 1, completing the company’s CEO succession process under way since 2010. Ivan G. Seidenberg will step down from the CEO role but remain chairman to continue to facilitate the transition.

McAdam will have responsibility for the operations of Verizon, including all business units and staff functions.

Seidenberg said, “Lowell’s appointment to CEO is testimony to his extraordinary record of achievement. As a member of Verizon’s executive leadership team since 2000 and COO over the last 10 months, Lowell has proven his ability to move the organization quickly and to focus on strong performance on behalf of our employees, our customers and our investors. His stellar leadership of Verizon Wireless and his outstanding 28-year career in the telecommunications industry have positioned Lowell to understand the potential of our company and the actions that need to be taken every day to attain that potential. The board and I are excited by what Lowell brings to our company: his outstanding character, his conviction and his dedication to Verizon’s success.”

Verizon Communications Inc. (NYSE: VZ)