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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