Verizon's McAdam in Line for CEO Spot as Succession Plans Emerge
Verizon Communications laid out its executive succession plans this week, announcing that wireless chief Lowell McAdam is being promoted to president and chief operating officer, and will hold that key position until eventually replacing current CEO Ivan Seidenberg atop the nation's largest wireless service provider.
No immediate timetable was given for Seidenberg's departure.
"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 (NASDAQ: VZ) said in a statement. "McAdam will have responsibility for the operations of Verizon's network-based businesses -- Verizon Wireless and Verizon Telecom and Business -- as well as Verizon Services Operations. Also reporting to him will be the technology management and CIO functions."
McAdam, 56, has served as executive vice president and chief operating officer of Verizon Wireless, a joint venture of Verizon Communications and Vodafone, since the company's inception in 2000.
"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. "Lowell is undeniably the right executive at the right time, given his track record of growth while managing one of the most dynamic and successful businesses in America."
Verizon also announced that Fran Shammo will replace outgoing CFO John Killian at the end of the year, and Daniel Mead and John Stratton will become CEO and COO, respectively, of Verizon Wireless.
"For the last several years, we have focused diligently on preparing these leaders to take on Verizon's most visible and challenging assignments," Seidenberg added. "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."
Meanwhile Verizon, which earlier this month teamed up with Motorola (NYSE: MOT) to roll out the Droid 2, continues to be the subject of rumors predicting it will be the second U.S. wireless provider to service Apple's (NASDAQ: AAP) wildly popular iPhone and iPad devices.
Seidenberg said that while AT&T remains the lone wireless provider so far, his company is ready and willing to provide consumers with at least one other option.
"That decision's really Apple's," Seidenberg said in June. "We stand ready to do it, but that's an Apple decision."
Verizon Communications reported annual sales in excess of $107 billion last year.