McAdam named COO at Verizon, Mead named to run Verizon Wireless

More than three years after being tapped to run Verizon Wireless, Lowell McAdam is moving higher in the corporate ladder.
Beginning Oct. 1, McAdam will trade in his current title as president and CEO of Verizon Wireless for the title of president and COO of parent company Verizon Communications Inc. (VZ) where he will report directly to Verizon Chairman and CEO Ivan Seidenberg. The move also places McAdam as next in line to succeed Seidenberg when he retires from the company.
In his new position, McAdam will be responsible for the operations of Verizon Wireless, Verizon Telecom and Business and Verizon Services Operations.
McAdam placed No. 7 on RCR Wireless News’ recent ranking of most highly compensated CEOs in the telecom space pulling in more than $10.3 million in total compensation in 2009.
Daniel Mead, currently EVP and COO at Verizon Wireless, will replace McAdam as president and CEO of the nation’s largest wireless operator. In addition, John Stratton, currently chief marketing officer at Verizon Wireless, will succeed Mead as COO. All the new positions will be effective Oct. 1.
“The revised operational management structure, led by McAdam, simplifies and further consolidates Verizon’s customer-facing businesses,” the company noted in a statement. “With his strong and consistent track record of operational success at Verizon Wireless, McAdam will provide a centralized focus on accountability for all business groups, while emphasizing speed to market, innovation and outstanding customer service.”
In a separate announcement, Verizon also reported that Francis Shammo, currently president of Verizon Telecom and Business, will succeed John Killian as EVP and CFO of Verizon. Killian announced last week his plans to retire by the end of the year.