Verizon confirms CEO Lowell McAdam will succeed Ivan Seidenberg as Chairman

Dec 1st 2011
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Verizon confirms CEO Lowell McAdam will succeed Ivan Seidenberg as Chairman

It certainly doesn’t come because the biggest of surprises, but Verizon confirmed today that its current CEO, Lowell McAdam , will succeed its former CEO, Ivan Seidenberg , as Chairman when the latter retires on December 31st. McAdam, as you can recall, took over as CEO when Seidenberg stepped down from the placement in July of this year, with Seidenberg remaining on as Chairman to assist within the transition, which has apparently gone just as planned. The carrier also announced today that Melanie L. Healey of Proctor & Gamble can be immediately joining the board, as a way to stand at twelve members following Seidenberg’s departure. Head on past the break for the official press release.

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Lowell McAdam Elected Verizon Chairman; Melanie L. Healey, P&G Group President, Joins Board

McAdam Should be Chairman and CEO Following Ivan Seidenberg’s Retirement as Chairman at Year-End

BIG APPLE – December 1, 2011 –
The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq:VZ) today elected Verizon President and CEO Lowell C. McAdam as chairman, effective Jan. 1, 2012. Moreover, Melanie L. Healey, group president for North America at Procter & Gamble Co. (NYSE:PG), was elected as a brand new member of Verizon’s board, effective immediately.

McAdam’s chairmanship will begin following the retirement of Ivan G. Seidenberg as Verizon’s chairman on Dec. 31.

Sandra O. Moose, presiding director of Verizon’s board, said: “The board’s decision to call Lowell as chairman is a mirrored image of his comprehensive understanding of Verizon’s operations and the quick-moving and ever-evolving communications industry. He’s uniquely qualified to step into this role, having spent his entire career as an industry leader creating growth and price for shareholders. As chairman, Lowell will provide insight and expertise as he oversees the functioning of the board.”

McAdam was president and CEO of Verizon since Aug. 1, with responsibility for all business operations at Verizon, including the strategic direction of the company’s products and technologies. He has served at the board of Verizon since March 2011 and at the board of Verizon Wireless since 2003, chairing the Verizon Wireless board since September 2010. He was president and CEO of Verizon Wireless until October 2010, when he became president and COO of Verizon.

Healey, a Recognized Global Marketing Leader

Healey serves as group president for North America at Procter & Gamble. Before this, she were president of P&G’s global feminine care business since 2005, adding responsibilities for global health care brands in 2007.

Moose said: “Melanie brings to Verizon’s board an in depth background in consumer goods, marketing and international operations. With first-hand experience in different global markets and a wealth of data about delighting consumers with great products, she will be able to be a great advisor and asset to Verizon. We glance forward to her active participation at the board.”

Brazilian by birth, Healey began her career in marketing at S.C. Johnson & Sons in 1983 and moved to Johnson & Johnson in 1987.

She joined P&G Brazil as a brand manager in 1990 and over the following eight years managed brands across categories as diverse as baby care, health care, hair care, personal cleansing and upholstery care during assignments in Brazil, Mexico and Venezuela. In 1998 she was named general manager of the female care business in Latin America. In 2001 she became vice chairman and general manager of the female care business for North America, moving to P&G’s headquarters in Cincinnati.

Moreover her current business responsibilities, Healey is the leader of P&G North America’s Diversity and Inclusion Team, in addition to the worldwide Corporate Women’s Leadership Team. She serves as a member of Cincinnati-Northern Kentucky International Airport Board, and he or she have been a director of Bacardi & Co. Limited since 2008.

Since 2007, she have been recognized in multiple business-leadership lists, including Fortune magazine’s Top 50 Strongest Women in Business, Forbes magazine’s The 100 Strongest Women and the Wall Street Journal’s The 50 Women to monitor.

Healey has a bachelor’s degree in business administration from the University of Richmond, where she is a member of the Board of Trustees.

Seidenberg Completes Leadership Succession Plan

Seidenberg, who turns 65 this month, had previously announced his intention to retire by year-end, after stepping down from the CEO post earlier this year and completing the company’s CEO succession process under way since 2010. As chairman, Seidenberg has continued to aid inside the transition.

Following Seidenberg’s retirement, Verizon may have 12 board members.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in The big apple, is an international leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America’s most advantageous wireless network, with greater than 107 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 additional than 150 countries, including the entire Fortune 500. A Dow 30 company with $106.6 billion in 2010 revenues, Verizon employs a various workforce of greater than 195,000. For additional information, visit www.verizon.com.

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