Verizon is reorganizing its operating structure in preparation for the retirement of the CEO of its Wireless division, Dan Mead.
According to an Securities and Exchange Commission (SEC) filing on Tuesday, Mead has been appointed to a new role of "Executive Vice President and President of Strategic Initiatives, with responsibility for directing the transfer of Verizon's wireline operations in California, Florida and Texas to Frontier Communications Corp. (NYSE: FTR)." Following the completion of the "strategic initiatives on which he's working," Mead "expects" to retire, the filing reads. (See Verizon Sells Towers & Wireline Assets for $15B.)
Mead was one of the founders of Verizon Communications Inc. (NYSE: VZ) in 2000, and he's held positions ranging from the head of Verizon Telecom to COO. In 2010, he took over as executive vice president and president and CEO of Verizon Wireless , replacing now Verizon Chairman and CEO Lowell McAdam. He's been instrumental in a number of Verizon's mobile initiatives, including its participation in the mobile wallet joint venture Isis, now Softcard, small cells and all of Verizon's past spectrum deals. (See Verizon Ready to Flash Isis Mobile Wallet, Verizon CEO: Small Cells Coming in 2013, VZ Wireless, T-Mobile Strike Spectrum Deal and Verizon Restructures.)
In preparation for his retirement, John Stratton, Verizon's executive vice president and president of global enterprise and consumer wireline, will take on the newly created role of executive vice president and president of operations, overseeing both Verizon's wireless and wireline business. Both Stratton and Mead will report to Verizon CEO McAdam.
Mead sold 24,898 shares of Verizon stock last week at $49.70 per share on average, netting him a $1,237,430.60 pre-retirement payday.
— Sarah Thomas, , Editorial Operations Director, Light Reading