Verizon names McAdam president, COO
Verizon Communications on Monday named Lowell McAdam its president and chief operating officer, putting him in line to succeed CEO Ivan Seidenberg.
The appointment of McAdam, who was CEO of Verizon Wireless, highlights the growing importance of Verizon's mobile phone business, which has seen explosive growth in recent years as Americans get rid of plain old telephone lines into their homes. The housing downturn has also weighed on Verizon's fiber broadband Internet explanation plans.
Other executive changes:
CFO: Francis Shammo becomes chief financial officer (currently president of telecom and business). Shammo will succeed John Killian, who announced he will retire at the end of the year.
Verizon Wireless CEO: Daniel Mead, effective Oct. 1 (currently executive vice president and chief operating officer at Verizon Wireless).
Verizon Wireless COO: John Stratton, effective Oct. 1 (currently chief marketing officer).
Verizon has been a key figure in a debate over federal policy that would dictate how network operators like Verizon Communications' FiOs and Verizon Wireless can treat content on their networks.
Verizon and Google want regulators and lawmakers to allow certain paid priority of network traffic that would, for example, allow better delivery of video games, HD video and medical services over broadband networks that could be charged at higher rates to consumers and businesses. The firms also proposed that lawmakers release wireless networks from rules that would force them to carry any application on phones that run on their networks.
photo: Lowell McAdam, president and chief operating officer, Verizon Communications
McAdam, 56, has overseen the explosive growth of the company's wireless business. Verizon Wireless, a joint venture between Verizon Communications and Vodafone, is the nation's largest wireless carrier with 91 million subscribers compared with 61 million subscribers in 2006. AT&T is close behind Verizon in terms of subscribers, and Sprint and T-Mobile trail as the third and fourth largest carriers.
"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 news release.
McAdam will report directly to Seidenberg, 63, who has headed the company since it was founded in 2000.
Seidenberg, 63, rose through the ranks of Verizon, starting as a cable splicer for New York Telecom and growing with the firm as it and other telecom giants consolidated their long distance and local businesses and transitioned into broadband Internet and wireless firms.
| September 20, 2010; 8:44 AM ET
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