September 20, 2010
Verizon Names New President, COO
By Beecher Tuttle, TMCnet Web Editor
On Monday, Verizon (News - Alert) Communications named longtime wireless executive Lowell McAdam its president and chief operating officer. The move is seen by most as an attempt to line up an internal candidate who can succeed CEO Ivan Seidenberg, who is expected to retire within the next year.
McAdam, 56, is currently the president and CEO of Verizon Wireless, a division that has experienced tremendous growth over the last few years. Under McAdam’s leadership, the wireless subsidiary has become the main staple of Verizon’s telecommunications business. With more than 91 million subscribers, it is currently the nation’s largest wireless carrier, according to The Washington Post.
"The Board's selection of Lowell to this key, central position underscores its commitment to reward success while working with me to prepare our company for an executive transition in the future," said Seidenberg in a news release.
McAdam will transition into his new role on October 1, filling the seat that has been left vacant since Dennis Strigl retired last year. He will report directly to Seidenberg.
By promoting from within, Verizon should be able to avoid deviating from its current growth path, according to industry experts. Verizon’s stock price barely fluctuated following the announcement of McAdam’s appointment.
McAdam has "tremendous credibility with the street and an outstanding track record, especially in the area of wireless,” added Wachovia analyst Jennifer Fritzsche. "Such timeliness should remove any type of overhang on the shares related to this issue.”
After appointing McAdam, Verizon made several other changes to its executive management team. Francis Shammo, the current president of Verizon Telecom and Business, has been named Verizon Communications’ executive vice president and chief financial officer, succeeding John Killian, who will retire at the end of 2010. The company also announced that Daniel Mead, current COO at Verizon Wireless, will replace McAdam as CEO on October 1.
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Beecher Tuttle is a Web Editor for TMCnet. He has extensive experience writing and editing for print publications and online news websites. He has specialized in a variety of industries, including health care technology, politics and education. To read more of his articles, please visit his columnist page.
Edited by Beecher Tuttle