Ivan Seidenberg, the long-running chief executive of Verizon Communications, is finally stepping down from his role leading one of the worlds most powerful communications companies.
Effective Aug. 1, Lowell C. McAdam will take over as president and CEO of the New York-based telecommunications giant.
Seidenberg will remain chairman to continue to facilitate the transition,” Verizon said in a news release.
The 57-year-old McAdam, who has been serving as president and chief operating officer of Verizon Communications, will be responsible for the companys operations, including all business units and staff functions.
The announcement today was expected: Verizon noted the CEO succession process has been underway since last year.
As a member of Verizons 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,” said Seidenberg, who has led Verizon since its inception in 2000 and previously served as CEO of its predecessor companies, NYNEX and Bell Atlantic. 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.”