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Verizon Names McAdam CEO
NEW YORK - As expected, Verizon Communications elevated president and chief operating officer Lowell McAdam to CEO, replacing the retiring Ivan Seidenberg, who will remain chairman.
McAdam will assume the CEO position effective Aug. 1. Verizon set up his ascension to the top spot last fall in appointing McAdam, who previously was president and CEO of Verizon Wireless, second in command at the telco. Seidenberg is expected to retire sometime this year.
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. McAdam has been the chairman of Verizon Wireless since September 2010.
In a statement, Seidenberg cited McAdam's "stellar leadership of Verizon Wireless and his outstanding 28-year career in the telecommunications industry" and lauded his "outstanding character, his conviction and his dedication to Verizon's success."
Daniel Mead, previously Verizon Wireless' executive vice president and COO, replaced McAdam as president and CEO of the carrier in October 2010.
McAdam was named CEO of Verizon Wireless in 2007. Previously he was executive vice president and COO of the company, a joint venture of Verizon and Vodafone, since its inception in 2000.
- Todd Spangler
Lowell McAdam: Wireless CEO is taking on Verizon's top job.
Dish to Keep 1,500 Blockbuster Stores
ENGLEWOOD, COLO. - Months after it closed its deal to purchase video retailing icon Blockbuster, Dish Network said last week it would keep more than 1,500 of the chain's 1,700 retail locations open.
Dish purchased Blockbuster in April for about $320 million. Shortly after the purchase, several published reports said that Dish had retained leases on between 500 and 600 locations.
In making the announcement Thursday, Dish said that it would also retain more than 15,000 store employees at the locations.
"We're pleased that we will continue to operate more than 90 percent of the stores that were offered at auction in...