Verizon Wireless (NYSE:VZ) CEO Lowell McAdam appears to be the most likely internal candidate to eventually replace Verizon Communications CEO Ivan Seidenberg as the top executive of the communications giant, following the surprise retirement announcement from Verizon Communications CFO John Killian earlier this week.
Last year, Verizon named McAdam and Killian as potential successors to Seidenberg, who is 64. Killian, 55, said Wednesday at an investor conference that Seidenberg likely will retire after he turns 65. Killian announced on Tuesday that he will retire at the end of the year after 31 years with the company. Verizon did not immediately name a replacement for Killian, but said one will be named soon. Verizon Wireless last week named Andrew Davies as its new CFO.
A Verizon spokeswoman declined to comment on the succession speculation.
McAdam has been at the helm of Verizon Wireless--in which Verizon Communications has a 55 percent stake (Vodafone holds the remaining 45 percent stake)--since 2006. The nation's No. 1 wireless carrier has seen its revenue jump from $38 billion in 2006 to $62.1 billion in 2009, and has grown its subscriber base from 59.1 million in 2006 to 91.2 million in 2009.
Further, McAdam pushed Verizon into LTE from CDMA. Verizon plans to launch LTE in 25-30 commercial markets in the fourth quarter, covering 100 million POPs. Verizon also has forged a close relationship with Google under McAdam, and has become one of the biggest carrier supporters of Google's Android smartphone platform.
- see this WSJ article (sub. req.)
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