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Verizon’s just turned in their Q2 results and some interesting things came out of them. First off, the wireless carrier gained 2.2 million new wireless connections – nothing to sneeze at, although Verizon probably wishes they had more. 1.3 million of these connections were retail postpaid customers while wholesale and other connections accounted for 890,000.
Along with the increase in subscriber count, their service revenues from wireless totaled $14.7 billion with data revenues up $5.8 billion. Data revenues accounted for nearly 40% of all service revenue. Overall, Verizon’s wireless service revenues were $17.3b on the quarter.
Quite a decent quarter, I’d say. But that’s nowhere near being the interesting news I mentioned. Verizon’s CEO Ivan Seidenberg will soon be stepping down and making room for Verizon’s current COO, Lowell McAdam. Meanwhile, Seidenberg will step down and will operate as chairman of the board at least throughout the transition period. All is said to take place August 1st. For what it’s worth, we don’t believe the change will have much of an affect on Verizon’s current operating trends.
Verizon Names Lowell McAdam as CEO; Ivan Seidenberg to Remain Chairman
NEW YORK, July 22, 2011 /PRNewswire/ — The Verizon Board of Directors has named Verizon President and COO Lowell C. McAdam as president and chief executive officer of Verizon Communications Inc. (NYSE, NASDAQ: VZ), effective Aug. 1, completing the company”s CEO succession process under way since 2010. Ivan G. Seidenberg will step down from the CEO role but remain chairman to continue to facilitate the transition.McAdam will have responsibility for the operations of Verizon, including all business units and staff functions.
Seidenberg said, “Lowell”s appointment to CEO is testimony to his extraordinary record of achievement. As a member of Verizon”s 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. 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. The board and I are excited by what Lowell brings to our company: his outstanding character, his conviction and his dedication to Verizon”s success.”
In his current role, McAdam, 57, is responsible for all business operations at Verizon, including the strategic direction of the company”s products and technologies. He has served on the board of Verizon since March 2011 and on the board of Verizon Wireless since 2003, chairing the Verizon Wireless board since September 2010.
As president and CEO of Verizon Wireless until September 2010, McAdam led the premier wireless provider with the nation”s largest, most reliable wireless voice and 3G broadband data network. Prior to assuming this position in 2007, McAdam served as executive vice president and chief operating officer of Verizon Wireless from the company”s inception in 2000, helping to build the industry”s leading wireless company.
Previously, McAdam was president and CEO of PrimeCo Personal Communications, a joint venture owned by Bell Atlantic and Vodafone AirTouch. He also served as PrimeCo”s chief operating officer, responsible for overseeing the building, deployment and successful launch of the new company”s customer service operations and all-digital network.
McAdam has served as vice president – international operations for AirTouch Communications and was lead technical partner for cellular ventures in Spain, Portugal, Sweden, Italy, Korea and Japan. McAdam joined AirTouch as executive director of international applications and operations in 1993. Prior to that, he held various executive positions with Pacific Bell.
He earned a bachelor”s degree in engineering from Cornell University and a master”s degree in business administration from the University of San Diego. He also spent six years in the U.S. Navy”s Civil Engineer Corps and is a licensed professional engineer.
Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America”s most reliable wireless network, with more than 106 million total connections nationwide. Verizon also provides converged communications, information and entertainment services over America”s most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company, Verizon employs a diverse workforce of nearly 196,000 and last year generated consolidated revenues of $106.6 billion. For more information, visit www.verizon.com.
VERIZON”S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon”s News Center on the World Wide Web at www.verizon.com/news. To receive news releases by email, visit the News Center and register for customized automatic delivery of Verizon news releases.
Good! Maybe he will realize that people are unhappy with the phone selection and want better ones. So he will start getting them!
This is what frustrates me as a consumer this corporations making billions of dollars and they still up the rates….you know I understand its a business but it still doesnt make it right
They can make a decision to name a CEO, but they cannot work a deal to get quality phones on their network. The reason they are so secretive about phones is due to the fact that the next phone coming out is inferior to what already exists.
Here’s an idea: launch a phone as a leader and not a follower. Largest wireless provider in the states with the worst phone selection.
so what if they got a god in their company, they cant even bring galaxy S2 to the US or nexus phone.
I think you’re dancing around the real headline. They activated 2.3 million iPhones and 1.2 million LTE devices. Wish they’d break out the Android figures. Seems iPhone 4 is their biggest seller and sales leader and iPhone 5 is going to lengthen that lead.