Verizon Communications (NYSE: VZ) is promoting Lowell McAdam, the president and CEO of its wireless operating unit, to the position of president and COO of Verizon Communications, signaling how important wireless is becoming to the overall operation. The appointment will take effect Oct. 1, but is only the first move in advance of Verizon Chairman and CEO Ivan Seidenberg’s retirement. Verizon also announced that Daniel Mead, currently EVP and COO at Verizon Wireless, will succeed McAdam and become president and CEO.
McAdam’s and Mead’s appointments created a domino effect within the upper management of the two organizations. Verizon also named Francis Shammo, 49, currently president of Verizon Telecom and Business, to become EVP and CFO of the company, effective Nov. 1. Shammo succeeds John Killian, who last Monday announced he was retiring around the end of the year. Verizon said John Stratton, currently CMO at Verizon Wireless, will succeed Mead as COO. The Mead and Stratton appointments are effective Oct. 1.
In his new role, the 56-year-old McAdam will be responsible for Verizon’s network-based businesses — Verizon Wireless and Verizon Telecom and Business — as well as Verizon Services Operations.
More on the executives background can be found in the press release.