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Edition: U.S. Article Comments (0) Email Print Reprints Read Analysis: Swedish government seeks way to exclude far-right 19 Sep 2010 BP says oil spill compensation payout rate soars | Video 9:50am EDT China media warn Japan over escalating sea row 8:36am EDT Australia, U.S. warn citizens as India probes shooting 5:05am EDT BP to conduct test to show if Gulf well dead 18 Sep 2010 Shared Editor's choice 17 Sep 2010 Best of the week 17 Sep 2010 Analysis: Swedish rout highlights European socialist crisis 9:33am EDT Editor's choice 8:05am EDT Facebook denies plans to build its own phone 19 Sep 2010 Watched Soros: Gold "not safe" Wed, Sep 15 2010 The week ahead Fri, Sep 17 2010 BP oil well sealed. Sun, Sep 19 2010 NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Special report Welcome to Nokia, Mr. Elop The biggest cellphone company in the world has spent the past few years searching for a way to take on Apple and RIM. Now it has turned to an unknown Canadian with no background in mobiles. Can Stephen Elop make Nokia cool again? Full Article Factbox: Key problems facing new Nokia CEO Verizon names new COO, likely CEO successor Tweet This Share on LinkedIn Share on Facebook Related News CORRECTED - UPDATE 1-Verizon names McAdams COO, likely next CEO 8:37am EDT PRESS DIGEST - Wall Street Journal - Sept 20 1:38am EDT Verizon to name McAdam President, COO - source Sun, Sep 19 2010 PRESS DIGEST - British business - Sept 19 Sat, Sep 18 2010 UPDATE 2-MOVES-Citigroup, Jefferies, Credit Suisse, HSBC Thu, Sep 16 2010 Related Topics Technology » CEO of Verizon Wireless Lowell McAdam responds to a question from a Reuters reporter during a Reuters Global Technology Summit in New York in this May 14, 2010 file photo. Credit: Reuters/Jessica Rinaldi NEW YORK | Mon Sep 20, 2010 11:49am EDT NEW YORK (Reuters) - Verizon Communications Inc named Lowell McAdam as its president and chief operating officer, setting the veteran wireless executive up as a successor to Chief Executive Ivan Seidenberg. The move was part of a broader management shuffle ahead of Seidenberg's expected retirement next year, including the naming of Francis Shammo to replace Chief Financial Officer John Killian, who announced his retirement last week. Analysts said that after serving as COO, McAdam, the current CEO of Verizon Wireless, would be a good successor to Seidenberg considering the strong performance of the wireless venture of Verizon and Vodafone Group Plc under McAdam's rein. However, Verizon investors barely reacted after the news as McAdam is not seen bringing big strategy changes to Verizon. Piper Jaffray analyst Christopher Larsen sees McAdam, 56, staying as COO for about a year before becoming CEO of Verizon, whose growth is dependent on Verizon Wireless and its FiOS television and Internet business. "I think they appointed Lowell to that position because they don't want to change the world for Verizon," said Larsen. One longstanding question for shareholders has been whether Verizon succeeds in buying the 45 percent of No 1 U.S. mobile business Verizon Wireless owned by Vodafone. Some have speculated that Verizon may end up buying all of Vodafone, but Seidenberg has said such a deal would not make much sense. Vodafone shareholders have been putting pressure on the company to sell the investment, from which it does not receive a dividend. But while Seidenberg has made no secret of his ambitions to buy back the stake, Verizon has not managed to agree to reach an agreement with Vodafone. This will still be on McAdam's agenda if it is not achieved before he becomes CEO, said Larsen who expects that, like Seidenberg, McAdam would only agree to "a prudent price." Seidenberg, who started out as a cable splicer's assistant more than 40 years ago at a Verizon predecessor company, will turn 64 in December. Verizon described McAdam's appointment a "an important step in the succession process." The company did not say when Seidenberg will retire. There is no mandatory retirement age but its CEOs typically retire at 65. McAdam, who has been Verizon Wireless CEO since 2007, will take on his new role as COO October 1 and will be replaced at Verizon Wireless by its current COO Daniel Mead. Wachovia analyst Jennifer Fritzsche said in a research note that McAdam has "tremendous credibility with the street and an outstanding track record, especially in the area of wireless." "Such timeliness should remove any type of overhang on the shares related to this issue," Fritzsche said. Verizon also named Francis Shammo, 49, currently the head of its wireline telecommunications business, as its next CFO, effective November 1. Shammo succeeds Killian, 55, who last week announced he will retire around the end of the year. Killian told investors at an analyst conference last week that he and McAdam had been identified by Verizon as potential successors but that he decided to retire for family reasons. Verizon also announced that Verizon Wireless Chief Marketing Officer John Stratton would become the venture's COO, succeeding Mead, 57, effective also on Oct 1. The company expects to announce a replacement for Shammo in due course, spokesman Peter Thonis said. Verizon shares were up 7 cents or 0.22 percent at $31.75 on the New York Stock Exchange. (Reporting by Franklin Paul and Sinead Carew, editing by Gerald E. McCormick and Derek Caney) Technology Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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