Verizon Lines Up Seidenberg's Successor

Verizon Wireless CEO Lowell McAdam named as Verizon Communications COO, in line to take over as CEO

September 20, 2010

2 Min Read
Verizon Lines Up Seidenberg's Successor

Verizon Communications Inc. (NYSE: VZ) effectively named its next CEO today by naming Lowell McAdam as its new president and chief operating officer effective Oct. 1, stating that the appointment "is an important step in the succession process for when [Ivan] Seidenberg retires from the company."

As COO, 56-year-old McAdam, who is currently the president and CEO of Verizon Wireless , will hold operational responsibility for Verizon Wireless, Verizon Telecom and Business, and Verizon Services Operations. The heads of those businesses, along with Verizon's CIO and "technology management," will all report to McAdam.

The elevation of McAdam, who has been a senior figure at Verizon Wireless since it was formed in 2000, to CEO elect is just one of a number of senior internal moves at the US carrier.

Francis Shammo, currently president of Verizon Telecom and Business, will become Verizon's CFO from Nov. 1, when the incumbent, John Killian, retires.

In addition, Dan Mead is promoted from COO at Verizon Wireless to president and CEO of the wireless operator starting October 1, while current CMO John Stratton becomes the new COO of the mobile business.

In a prepared statement, Seidenberg, who has been Verizon's CEO since the company was formed in 2000, stated that the appointments are "a timely and logical next step in our evolution as we put in place an outstanding senior executive team that can carry us into the future... For the last several years, we have focused diligently on preparing these leaders to take on Verizon's most visible and challenging assignments. That diligence and focus is paying off with the development of highly skilled and broadly experienced executives who will ensure that Verizon doesn't skip a beat as we enhance value to customers and shareholders."

Quite when McAdam might make the next move up the chain of command isn't known, though. Seidenberg, who began his career in the communications sector as a cable splicer's assistant at New York Telephone more than 40 years ago, hasn't announced when he might be stepping down.

Investors clearly aren't worried that Verizon isn't looking outside its own four walls to hire its next CEO. In pre-market trading Monday morning, Verizon's share price was up 12 cents to $31.68.

— Ray Le Maistre, International Managing Editor, Light Reading

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