Verizon announced today that current President and CEO of Verizon Wireless will become the new President and COO of Verizon Communications, a step that will eventually lead to McAdam being named CEO of Verizon Communications when current CEO Ivan Seidenberg retires.
Mr. Seidenberg who is 64 years old this year is said to be retiring when he turns 65. This is pure speculation since Verizon doesn't have a mandatory retirement age.
"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," Seidenberg said in a statement.
McAdam has been being groomed for this position since 2007 when he became President and CEO of Verizon Wireless. McAdam has been with Verizon Wireless since its inception in July 2000.
Other changes at Verizon includes Francis Shammo being named Verizon Communications Executive Vice President and CFO, Daniel Mead being named President and CEO of Verizon Wireless and John Stratton being named COO of Verizon Wireless. All changes will be effective October 1.
By Chase Thompson
Mr. Seidenberg who is 64 years old this year is said to be retiring when he turns 65. This is pure speculation since Verizon doesn't have a mandatory retirement age.
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