Verizon CEO McAdam named chair; Seidenberg retires

Verizon Communications Inc.’s


/quotes/zigman/262341/quotes/nls/vz VZ
+0.11%



board named President and Chief Executive Lowell C. McAdam as its chairman, effective Jan. 1, completing the company’s leadership transition. Chairman Ivan G. Seidenberg, who stepped down as CEO earlier this year, is retiring at the end of 2011.

McAdam has been president and CEO since Aug. 1 and has been on Verizon’s board since March. He served as Verizon Wireless’s president and CEO until October 2010, when he became Verizon’s president and chief operating officer. He’s also been on Verizon Wireless’s board since 2003 and has been chairman of it since September 2010.

The move completes the CEO succession plan Verizon started in 2010 as Seidenberg, who turns 65 years old this month, previously said he would retire by the end of the year.

Melanie L. Healey, North America group president at Procter Gamble Co.


/quotes/zigman/238894/quotes/nls/pg PG
-0.76%



, was also named to the board, effective immediately.

The leadership change comes at a turning point for Verizon. The company has pushed into Internet and paid-TV services with its speedy FiOS fiber-optic network to offset the slowdown in its wireless business. But the wireless segment, which is a venture with Vodafone Group PLC (VOD, VOD.LN), could become stronger as Verizon broke rival ATT Inc.’s (T) four-year exclusive hold on the Apple Inc.’s (AAPL) iPhone earlier this year.

In October, Verizon said its third-quarter profit more than doubled as the carrier’s growth in contract wireless subscribers outpaced rivals.

Shares were recently trading down 6 cents at $37.67. The stock is up 5.4% year to date.

/quotes/zigman/262341/quotes/nls/vz

Add VZ to portfolio

VZ

/quotes/zigman/238894/quotes/nls/pg

Add PG to portfolio

PG

Other articles you might like;

• Making Money On The Web Is Something You Can Do By Advertising What You’re Good At
• {For Those Of You Looking To Set Up A WordPress Blog We Are Looking At The WordPress How To Video Course|The WordPress How To Video Course Can Instruct You How To Set Up Your Own WordPress Blog|You Can Create Your Own WordPress Blog With The Wordpre
• Rising Your Consciousness To Live a Great Life
• Can I Start Selling Ebooks Online To Earn Some Money?
• Build 25 Unique Backlinks to Your Pages Every Single Day, FREE!

Article source: http://www.marketwatch.com/story/verizon-ceo-mcadam-named-chair-seidenberg-retires-2011-12-01

Related posts:

1. Verizon CEO Happy with AT&T/T-Mobile Merger
2. Verizon CEO: Windows Phone will best BlackBerry
3. For Ninth Consecutive Year, Verizon Named to LATINA Style Magazine’s List of Best Companies for Latinas to Work
4. As Verizon asks workers to pay more for health care, CEO pay seems unfair – The Star-Ledger
5. Verizon CEO talks up spectrum, downplays Sprint iPhone