Verizon Communications appointed Lowell McAdam, who currently leads Verizon Wireless, president and chief operating officer, setting him up to take over the telco's reins when chairman and CEO Ivan Seidenberg retires.
The appointment, announced Monday, "clarifies" the succession plan for Seidenberg, the telco said. Seidenberg, 63, is expected to retire sometime in 2011.
McAdam's appointment, which takes effect Oct. 1, was expected "and should be received well," Jeff Kagan, an independent wireless and telecom industry analyst, wrote in a research note. "It all depends on what McAdam does as CEO, but Seidenberg is leaving him with a strong and growing business."
Seidenberg said in a statement, "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. 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."
In his new role, McAdam, 56, will oversee 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.
Daniel Mead, currently executive vice president and chief operating officer at Verizon Wireless, will replace McAdam as president and CEO of the wireless carrier. John Stratton, currently chief marketing officer at Verizon Wireless, will succeed Mead as chief operating officer.
Also Monday, Verizon named Francis "Fran" Shammo, currently president of Verizon Telecom and Business, to become executive vice president and chief financial officer of the company, effective Nov. 1. Shammo will succeed John Killian, who last Monday announced he will retire around the end of 2010.