Give it to Verizon’s new CEO, Lowell McAdam (right), who takes over from Ivan Seidenberg (left) August 1
Verizon Wireless just announced their second-quarter earnings, reporting a 2.8 percent revenue growth on revenues of $27.5 billion and consolidated earnings of 57 cents in diluted earnings per share. The carrier also announced in a separate statement that its current CEO Ivan Seidenberg will step down to be replaced by 57-year-old president and COO Lowell McAdam, effective August 1. The change is part of Verizon’s CEO succession process under way since 2010. Seidenberg will retain his chairman of the board position. Lowell has been a member of Verizon’s executive team since 2000 and COO over the last ten months.
Prior to joining Verizon, McAdam served as president, COO and CEO of PrimeCo Personal Communications, a joint venture owned by Bell Atlantic and Vodafone AirTouch. He was also vice president of AirTouch Communications and lead technical partner for cellular ventures in Spain, Portugal, Sweden, Italy, Korea and Japan plus he held various executive positions with Pacific Bell. The executive earned his bachelor’s degree in engineering from Cornell University and a master’s degree in business administration from the University of San Diego. McAdam also spent six years in the US Navy’s Civil Engineer Corps and is a licensed professional engineer.