Verizon elevates Lowell McAdam to CEO

An 11-year veteran at Verizon Communications Inc. (VZ) and former president and CEO of Verizon Wireless from 2007 to 2010 is talking the helm of the mother ship. Lowell McAdam will be elevated to the position of president and CEO of the parent company Aug. 1. Ivan Seidenberg will step down as CEO and president, but remain chairman.
The 57-year-old has been the heir apparent for the job for sometime, most recently accellerated in 2010 when a CEO succession process was put into play.
“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,” Seidenberg said in a prepared statement. “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.”
Prior to joining Verizon in 2000, McAdam was president and CEO of PrimeCo Personal Communications. He holds a bachelor’s degree in engineering from Cornell University and a master’s degree in business administration from the University of San Diego.