Verizon Wireless announced several changes to its executive leadership today. CEO Lowell McAdam is leaving October 1st to go to parent company Verizon Communications as its president and chief operating officer. McAdam will taking over responsibility for Verizon’s core network business including Verizon Wireless and Verizon Telecom and Business. McAdam will be joined by Francis Shammo who will leave his position as president of Verizon Telecom and Business on November 1st and will become executive vice president and chief financial officer of Verizon Communications.
Also effective October 1st, McAdam will be replaced by Daniel Mead who is the current executive vice president and COO at VZW. Mead will take over as the new CEO of Verizon Wireless and John Stratton, the current chief marketing officer, will replace Mead as COO. Got all that?
All these changes are reportedly being made in preparation for the future retirement of Verizon’s Chairman and CEO Ivan Seidenberg. It is also worthy to note that these changes are coming hot on the heels of rumors suggesting that Vodafone is looking to sell off its minority stake in Verizon Wireless. Who better to buy that minority share than a Verizon Communications led by Lowell McAdam?
[Via Press Release]