Verizon Communications announced that it has named a new chief executive officer, Multichannel News reports. The post, as expected, will go to Lowell McAdam, who is being elevated from president and chief operating officer.
McAdam replaces Ivan Seidenberg, who is expected to retire as CEO later this year but will remain chairman. McAdam takes over the job Aug. 1.
The story reports: “In his current role, McAdam, 57, is responsible for all business operations at Verizon, including the strategic direction of the company’s products and technologies. He has served on the board of Verizon since March 2011 and on the board of Verizon Wireless since 2003. McAdam has been the chairman of Verizon Wireless since September 2010.”
On the company’s earnings call Friday, McAdam said: "This has been a very smooth transition by any measure, and we have Ivan to thank for that.”