Verizon formally set its succession plan for the eventual departure of CEO Ivan Seidenberg as it named wireless chief Lowell McAdam as chief operating officer.
The move also came as Fran Shammo was named chief financial officer. Shammo is currently in charge of Verizon Telecom and Business and will succeed John Killian at the end of the year.
As head of Verizon Wireless, McAdam has led the company to be the largest wireless provider and has taken AT&T's best punch via the iPhone. Meanwhile, Verizon Wireless has launched a Droid franchise and partnered with Google.
In a statement, Verizon said McAdam will oversee the company's business, telecom and wireless businesses. He will also oversee technology management and CIO functions. Daniel Mead will become CEO of Verizon Wireless and John Stratton, currently chief marketing officer of Verizon Wireless will become COO.
The decision by the Board to name these leaders now to such critical positions is a testimony to the depth, flexibility and breadth of Verizon's senior team, the soundness of our operating model, and strength of our culture. For the last several years, we have focused diligently on preparing these leaders to take on Verizon's most visible and challenging assignments.