Verizon (NYSE: VZ) filed an 8K form with the SEC that said that Dan Mead, EVP and president of strategic initiatives, will no longer be responsible for Verizon's strategic initiatives as of Dec. 31 but will continue to report to CEO Lowell McAdam.
Mead (Source: Verizon)
The 8K filing did not say what role, if any, Mead will have with the company in 2016. In February it was announced that Mead would oversee the sale of Verizon's wireline properties in California, Florida and Texas to Frontier Communications as well as other strategic initiatives before retiring.
Before becoming the head of strategic initiatives, Mead, 61, was executive VP and president and CEO of Verizon Wireless.
Verizon's sale of its wireline properties to Frontier is set to close at the end of March 2016. The service provider has already received approval for the $10.5 billion acquisition -- which includes Verizon's wireline, broadband and video operations and FiOS networks in California, Florida and Texas -- from the FCC, the U.S. Department of Justice and the Public Utility Commission of Texas and the California PUC.
The telco has also gained approval for the acquisition from the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) unions in California, Florida, and Texas.
Frontier has an aggressive plan to upgrade California's broadband and overall wireline network infrastructure. Part of its efforts in California will get a boost from Verizon's conditional acceptance of $32 million in CAF-II funds.
In addition, Frontier has accepted $283 million in annual CAF-II support from the FCC that it says will enable it to build out broadband service to over 650,000 rural locations.
- See this SEC 8K filing
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