Lowell McAdam's journey as the ruler of the Verizon (NYSE: VZ) kingdom will be complete in January when he adds the chairman of the board to his title, once retired CEO Ivan Seidenberg relinquishes his director post.
McAdam took over as CEO in August, with Seidenberg staying on the board to assist Verizon with the leadership transition. Prior to taking on the CEO role, McAdam was the president and CEO of Verizon Wireless, a title he held from 2006 until August of last year.
When Seidenberg retires in January, there will be 12 board members.
In addition to serving as Verizon's chairman since 2004, Seidenberg was the company's CEO from 2000 to 2010.
"The board's decision to name Lowell as chairman is a reflection of his comprehensive understanding of Verizon's operations and the fast-moving and ever-evolving communications industry," presiding board director Sandra Moose said in a statement. "He is uniquely qualified to step into the role, having spent his entire career as an industry leader creating growth and value for shareholders."
In separate news, Verizon also named Melanie L. Healey, group president for North America at Procter & Gamble Co., as a new member of Verizon's board, effective immediately.
- see the release
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