Verizon (NYSE: VZ) made it official that Lowell McAdam wil be its president and COO, confirming reports that emerged about the company's succession plans this past weekend.
The news comes after Bloomberg and Reuters revealed that McAdam's appointment as the company's COO and President could be announced as early as today.
By advancing to the president and COO position, McAdam would be next in line to take over as the CEO of Verizon Communications. Current CEO Ivan Seidenberg, who turns 64 in December, could retire next year.
McAdam's new appointment comes less than a week after current CFO John Killian, another possible successor to the CEO throne, took his name out of the running when he announced he would retire at the end of this year.
Replacing McAdam will be Daniel Mead, who is currently COO of Verizon Wireless, while current Verizon Business President Francis Shammo will become CFO.
- see the release here
- Reuters has this article
- and Bloomberg's article covers possible Verizon's succession plans
Could Lowell McAdam become Verizon's next CEO?
Verizon's CFO John Killian to retire at the end of 2010
Verizon: COO Dennis Strigl to retire by end of 2009
Verizon COO Strigl to retire by year-end
Verizon CFO to retire by mid-year