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`TAG Verizon , Verizon Wireless , John Stratton , Daniel Mead , Lowell McAdam
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`John Stratton To Replace Daniel Mead as CEO
`After Verizon Shakeup
`
`By Nicole Arce, Tech Times | February 19, 10:04 AM
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`Verizon announces John Stratton (left) as head of its
`wireline and wireless business. Stratton is replacing former
`Verizon Wireless CEO Daniel Mead (right) as he heads
`Verizon's strategic initiatives unit before retiring next year.
`(Photo : Verizon)
`
`John Stratton is now in charge of Verizon's wireline and wireless
`businesses.
`
`In a Form 8-K filed before the Securities and Exchange
`Commission, Verizon has named Stratton, 53, as its new executive
`vice president and president of operations overseeing the wireline
`and wireless businesses. He is replacing Verizon executive vice
`president and Verizon Wireless CEO Daniel Mead, 61, as he
`prepares for retirement.
`
`Stratton, who is former executive vice president and president of
`Verizon's global enterprise and consumer wireline business, will
`continue to report to Verizon CEO and Chairman Lowell McAdam,
`who was CEO of Verizon Wireless before being appointed chief of
`the parent company. Stratton will not be named CEO, which
`reflects Verizon's intent to incorporate Verizon Wireless into the
`bigger business. However, he will still have the same
`responsibilities as Mead.
`
`Mead will continue to work with Verizon as executive vice president
`and president of the company's strategic initiatives. He will oversee the
`transfer of Verizon's wireline operations to Frontier Communications in
`California, Florida and Texas, a deal that is expected to earn some
`$10.5 billion for Verizon, before he retires in 2016.
`
`Mead, who was president of Verizon Telecom and Verizon Services
`Corporation, became CEO of Verizon Wireless in 2010. At the time,
`America's No. 1 mobile carrier was a joint venture between Verizon
`and Vodafone, and Verizon Wireless had its own organizational and
`operational structure independent of Verizon. Last February, Verizon
`announced that it had purchased Vodafone's $130 billion stake in Verizon Wireless and will be moving to fully
`integrate the mobile business into Verizon.
`
`Verizon's executive shakeup comes as its wireless business faces increasing competition from smaller mobile
`carriers, which are aggressively going after Verizon Wireless and AT&T. Although Verizon reported 2 million new
`subscribers during last year's fourth quarter, the sign-ups were mostly from customers buying tablets, which yield
`less recurring profits than smartphones.
`
`Verizon is not the only telecommunications company that has recently undergone a top-management overhaul. Last
`year, Brightstar Corp. founder Marcelo Claure took over the helm at Sprint, replacing long-time CEO Dan Hesse, as
`part of the network provider's strategy to revamp its ailing business. This was followed by AT&T appointing Glenn
`Lurie, former president of emerging enterprises and partnerships, as chief of AT&T Mobility while Ralph de la Vega
`became CEO of the mobile and business solutions unit.
`
`T-Mobile announced a new CEO in 2012. The outspoken Uncarrier chief John Legere took over after a turbulent
`two-year period seeing three CEOs coming and going. When Mead retires, Legere will be the longest tenured CEO
`of a mobile carrier.
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`John Stratton To Replace Daniel Mead as CEO After Verizon Shakeup : BIZ TECH : Tech Times
`
`http://www.techtimes.com/articles/33866/20150219/john-stratton-to-replace-daniel-mead-as-ceo-after-verizon-shakeup.htm
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