6:14 AM
Verizon names McAdams COO, likely next CEO
Addison Ray
NEW YORK | Mon Sep 20, 2010 8:50am EDT
NEW YORK (Reuters) - Verizon Communications Inc (VZ.N) said on Monday it named Lowell McAdam its president and chief operating officer, setting the veteran executive up as the successor to Chief Executive Ivan Seidenberg.
McAdam, currently chief executive of Verizon Wireless, a venture of Verizon and Vodafone Group Plc (VOD.L), will take up his new role October 1.
"The appointment of McAdam by the Verizon board of directors is an important step in the succession process for when Seidenberg retires from the company," Verizon said in a statement.
Seidenberg, who turns 64 in December this year, is expected to retire in 2011.
Verizon also named Francis Shammo as its chief financial officer, effective November 1. Shammo succeeds John Killian, who last week announced he will retire around the end of the year.
In addition, Verizon Wireless has appointed Daniel Mead to replace McAdam as CEO. Mead is currently chief operating officer of Verizon Wireless, the No. 1 U.S. mobile operator.
(Reporting by Franklin Paul, editing by Gerald E. McCormick)
Posts
