Ch-ch-changes. They're happening, that's for sure, and now just with companies that are down in the dumps. Even Verizon, which has been doing quite well of late, has seen fit to make a few alterations at the top. The Verizon
Board of Directors has named Verizon President and COO Lowell C. McAdam as president and chief executive officer of Verizon Communications, and that'll go into effect August 1st. It's said to be the completion of the company's CEO succession process, which has been underway since 2010. As for Ivan? He'll step down from the CEO role but remain chairman to continue to facilitate the transition.
McAdam will have responsibility for the operations of Verizon, including all business units and staff functions, and Ivan seems to think he's more than up to the challenge: Seidenberg said, "Lowell's appointment to CEO is testimony to his extraordinary record of achievement. As a member of Verizon's executive leadership team since 2000 and COO over the last 10 months, Lowell has proven his ability to move the organization quickly and to focus on strong performance on behalf of our employees, our customers and our investors. His stellar leadership of Verizon Wireless and his outstanding 28-year career in the telecommunications industry have positioned Lowell to understand the potential of our company and the actions that need to be taken every day to attain that potential. The board and I are excited by what Lowell brings to our company: his outstanding character, his conviction and his dedication to Verizon's success."
What does it mean for the future of Verizon? Honestly, we highly doubt this change will result in any significant changes from a consumer-facing standpoint, but of course, with new minds at the top... only time will tell.