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New Verizon CEO Lowell McAdam  (Source:
Verizon named Verizon President and COO Lowell C. McAdam the new president and CEO of the company

Verizon announced today that Verizon President and COO Lowell C. McAdam was named president and CEO of the company.

McAdam, 57, is currently responsible for all business operations at Verizon, such as the direction of the company's products and technologies. He served on the board of Verizon Wireless since 2003, and on the board of Verizon since March 2011. He has also chaired the Verizon Wireless board since September 2010.

But a company CEO succession process began in 2010, which aimed to find a suitable replacement for current CEO Ivan G. Seidenberg. Seidenberg will be relieved of his CEO position August 1, and McAdam has been chosen to take his place beginning that very same day. Seidenberg will, however, remain chairman as the transition takes place.

"Lowell's appointment to CEO is testimony to his extraordinary record of achievement," said Seidenberg. "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 Verizon's success."

A new CEO isn't the only exciting news in Verizon's corner, though. The company just announced its second-quarter 2011 financial results, and they're looking good from just about every angle.

Verizon's total Q2 operating revenues were $27.5 billion, which is a 2.8 percent increase compared to second-quarter 2010. The company had 2.2 million new customers, which is twice as many subscribers as AT&T was able to achieve.

As far as wireless goes, Verizon had a 6.6 percent year-over-year increase in service revenues totaling $14.7 billion this quarter, and data revenues increased 22.2 percent totaling at $5.8 billion. In addition, ARPU (monthly average revenue per user) rose 3.2 percent to $54.12, and the company achieved 106.3 million total connections (including 89.7 million retail customers).

Sales of 4G LTE devices reached 1.2 million units, and of the 2.2 million new customers added between April and June, 1.3 million were retail postpaid customers and 890,000 were wholesale and other connections.

"In terms of earnings growth and the acceleration of revenue growth, this has been one of Verizon's best quarters since the 2008 economic downturn," said Seidenberg. "We expanded sequential margins in both our wireline and wireless businesses, and in the second half of the year we expect Verizon to build on this strong, positive momentum to continue to drive profitable, sustainable growth."

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By bbomb on 7/23/2011 12:58:14 AM , Rating: 2
Is this the guy that killed all future FIOS rollouts saying that wireless is the only way to the future?

By undummy on 7/23/2011 1:12:14 AM , Rating: 2
Verizon Telecom and Wireless were trying to move together as a single entity. Its easier for Wireless when you don't let Fios grow. Wireless is non-union. Telecom(Fios, DSL, home phone) and Business(MCI) have big unions. Interesting battle brewing with this new guy.

Yes, this is the guy that will push Wireless and forget that Telecom ever existed.

Fios had potential. But, too many early bugs and problems gave it a bad rap. Its a love/hate relationship for most. And, many customers were just looking to stick it to the cable or satellite company.

Telecom/wireless have competed for years. Looks like this guy is swinging the hammer at the Telecom coffin nails.

By Reclaimer77 on 7/23/2011 9:42:10 AM , Rating: 3
Municipal ISP monopolies is what's killing FIOS, not this guy. It's hard to expand a service when it's being blocked from entering town.

By Boze on 7/23/2011 10:12:52 AM , Rating: 1
Let me correct that for you:

Inexpensive Municipal ISP projects are what's killing FIOS, not this guy. Its hard to convince shareholders to expand a service when you're not raping the little guy with ridiculously exorbitant prices.

By Reclaimer77 on 7/23/2011 11:26:14 AM , Rating: 2
Look I live in a city that has ONE provider for phone, internet, and cable. And let me tell you, they are far from being "inexpensive". Verizon was interested in setting up FIOS here, and they were flatly and plainly blocked by Comporium, our local Nazi ISP.

Verizon's cheapest plan is the same as I'm paying now for cable broadband, but it's 5mb faster and has WAY more upload cap. So yeah, thanks you municipal ISP bastards...

By Iaiken on 7/23/2011 11:53:36 AM , Rating: 2
Comporium, our local Nazi ISP. So yeah, thanks you municipal ISP bastards...

As in Comporium Communications? A privately owned corporate subsidiary of Comporium Group? A private parent whose owners are private citizens and not the local municipal governments? Do you even know what a Municipal ISP is? Do you even have a clue in your head why you're angry at the wrong people for the wrong reasons?

How about some proof to back up your claims of them being municipally funded because everything I can find on this company says that they are a privately owned corporation. Otherwise this is just another full-of-crap Reclaimer post with that is not grounded at all in reality.

By Reclaimer77 on 7/23/2011 12:23:40 PM , Rating: 2
Comporium was granted a municipal monopoly in my city. All other attempts by competing ISP's to do business here have been blocked by the local government. So what do you call that? It doesn't matter if they are privately owned or not, THEY have the exclusive contract to do business here. Granted to them by the local municipality! Get it?

You know man, you're just a real piece of work. I live right here, and you're gonna argue with me about something that you don't even live everyday. The arrogance is amazing.

By Reclaimer77 on 7/23/2011 12:25:27 PM , Rating: 1
Oh and find where I said they were "municipally" funded. I did not. You jackass.

By undummy on 7/23/2011 1:01:16 AM , Rating: 2
Verizon is off shoring most of their office jobs. Great way to make a ton of money/bonuses for those corporate execs and board of directors. Sales, tech support, 411.... are gone.

Call tech support, either be put on hold indefinitely or sent over to someone in Mexico, Philippines, or India.

Call 411 and the call is routed overseas just like tech support.

Call sales and who knows where that call goes. Any job that isn't off-shored, goes to some contract company with employees that don't care and don't know what they're doing.

It took 9 months to get a non-service interrupted pole repaired. Engineering isn't localized and the engineer/inspector took over 6 months to inspect the pole condition. Should've just waited for it to fall down. And, don't ask about the neighbors 'sprinklers' destroyed by Fios fiber runs to each house, lawns chewed up, water lines broken....

Verizon needs to be broken up and dismantled. The Bells coming back together all over again.

Start by preventing the ATT/Tmob merger. Alltel/Vz should've never been allowed. Order telecoms to employ locally and not contract out.

By mcnabney on 7/23/2011 12:20:58 PM , Rating: 1
There is absolutely nothing true about that statement.

Call centers are ALL in the US, as are 411 vendors.

I know that Sprint has done some offshoring (as have T-Mobile), but AT&T and Verizon are have not offshored.

By Maiyr on 7/23/2011 2:34:41 PM , Rating: 2
Sorry, but you are clueless if you say that VZ has not offshored.

"Call centers are ALL in the US"... sorry, yep, clueless again.

By undummy on 7/23/2011 9:01:41 PM , Rating: 2
Verizon has ABSOLUTELY off-shored many jobs and has also hired numerous (low pay) contractors for sales, billing, tech support, 411...

Verizon's 411 super center in the Philippines has taken many calls from their US centers. Massachusetts alone has lost over a dozen 411 call centers in the past decade. The Philippines 411 center is originally an MCI office.

Verizon has DSL and FIOS tech support growing in India. And, for Spanish callers, a large center was opened in Mexico even though there were many bilingual FSC techs in the Cali, TX, RI... offices.

In 2008, there were 65000 IBEW/CWA workers that avoided a strike. In 2011, 45000 are voting to strike. Where did 20000 go?

If you want facts, visit your local Verizon office and learn how evil and un-American this company really is.

By mcnabney on 7/25/2011 11:31:55 AM , Rating: 2
You are comparing two different companies.

Verizon Communications (a Union shop) has offshored some support - maybe a third.

Verizon Wireless, which is 45% owned by Vodaphone and only managed my Verizon, has not offshored. FYI - no unions

Verizon Wireless operates 23 call centers - all in the US. A 24th opens later this year in South Carolina. Typical call center employees between 800 and 2000 people.

Almost all of Sprint's call centers are offshored now.
Most of T-Mobiles ARE in the US.
AT&T have done some offshoring, but because the Wireless/Data/Landline businesses are all in the same company is is difficult to be precise concerning how much AT&T Wireless is routed overseas.

By icanhascpu on 7/23/2011 12:05:02 AM , Rating: 1
We expanded sequential margins in both our wireline and wireless businesses, and in the second half of the year we expect Verizon to build on this strong, positive momentum to continue to drive profitable, sustainable growth.

This isn't sustainable. There will be a point where people will start having enough of being charged 20c for 160bytes of data. Thats $1311 for 1MB worth of data. People will simply start using alternatives, and privately owned Intranets will start to expand.

Verizon and ATT need to be obliterated into multiple bell companies without the possibility to merge and the landlines need to be put back in the ownership of the public. There is jackall that these greedy bastards have really done for the consumer except leech off the infrastructural layed back in the 50s for the vast majority of what they have done. American invented the internet, and like our space agency, we are letting it fall to shit in teh name of corporate expansion of sequential margins

RE: Growth
By Targon on 7/23/2011 7:12:01 AM , Rating: 2
Landlines are dead EVERYWHERE, except when there is no broadband connections capable of supporting voice over IP. There are a few landline based phones still in use in areas with broadband, but they will be going away within the next ten years.

The really sad thing is that Verizon is still being paid subsidies for the so-called maintenance of landlines, which Verizon won't even maintain if there are no complaints. Downed lines don't get cleaned up after a storm unless there are complaints, and even then, Verizon may wait 3+ weeks to put them back up and out of harms way.

"A lot of people pay zero for the cellphone ... That's what it's worth." -- Apple Chief Operating Officer Timothy Cook
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