Verizon Posts Huge Profits…And Then Snaps Up A New CEO?
11:37 am, July 22nd | by Hillary Reinsberg
Verizon has announced a new CEO, but not because the old one was doing a bad job. The company also announced a $1.6 billion profit for this quarter, says Bloomberg Businessweek. Not so shabby.
The company’s president, Lowell McAdam, will step up to the CEO spot. And, honestly, it’s pretty easy to feel almost bad for the guy. He’s stepping into a role most recently occupied by The Man Who Got Verizon the iPhone. There probably isn’t a harder act to follow… anywhere.
Current CEO Ivan Seidenberg is giving up his place as CEO, but will stay on as Chairman.
The positive returns are a contrast to last year, when the company reported a net loss. The big profit increase is largely tied to the fact that Verizon started carrying Apple’s iPhone, of which they sold and activated 2.3 million. McAdam, who takes over on August 1, ran Verizon Wireless before acting as President. As the Verizon Wireless business has boomed and become the company’s major asset, McAdam’s rise seems to make sense. This, by the way, is a pretty massive job: it paid Seidenberg over $18 million in 2010.