Lowell C. McAdam will become president and chief executive officer of Verizon Communications Inc. (NYSE, NASDAQ: VZ), effective August 1. The current Verizon president and COO will replace Ivan Seidenberg, who will relinquish the CEO’s office but remain chairman of the company.
"Lowell's appointment to CEO is testimony to his extraordinary record of achievement,” said Seidenberg in a Verizon press release. “As a member of Verizon's executive leadership team since 2000 and COO over the last 10 months, Lowell has proven his ability to move the organization quickly and to focus on strong performance on behalf of our employees, our customers and our investors. His stellar leadership of Verizon Wireless and his outstanding 28-year career in the telecommunications industry have positioned Lowell to understand the potential of our company and the actions that need to be taken every day to attain that potential. The board and I are excited by what Lowell brings to our company: his outstanding character, his conviction, and his dedication to Verizon's success."
The 57-year-old McAdam will assume responsibility for the operations of Verizon, including all business units and staff functions. He has served on the board of Verizon since March 2011 and on the board of Verizon Wireless since 2003, chairing the Verizon Wireless board since September 2010.