Verizon CEO Steps Down, COO Steps Up & Q2 2011 Earnings

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Verizon

Today, Verizon announced that CEO Ivan Seidenberg, will be steeping down. As of August 1 2011, he will be a chairman, so he can “‘facilitate the transition’. The current COO Lowell McAdam will step up to the position of CEO. With this change they will have  completed a CEO succession plan. This plan has been in place since last year. Ivan Seidenberg has been will Verizon since 2000, when he was a CO-CEO. Then in 2002 he became the CEO, and in 2011 he will be stepping down to become a chairman. This morning they released there Quarter 2 Earnings Performance. There total  total operating revenues were $27.5 billion in Q2 2011. They went up by 2.8%, when it is compared to Q2 of 2010, for Verizon. As many now they also launched there 4G LTE Network around this time. In Quarter 2 they have activated 1.2 million 4G LTE devices. Overall, it was very good quarter for Verizon.

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