Verizon Wireless: Dan Mead out, John Stratton in as head of the nation's largest carrier

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Verizon Wireless: Dan Mead out, John Stratton in as head of the nation's largest carrier
A major shake-up hit Verizon Wireless on Wednesday as the CEO of the nation's largest carrier, Dan Mead, was replaced by John Stratton. The changes were listed on form 8-K that the mobile operator filed with the SEC. Now that Verizon Communications owns 100% of its wireless subsidiary, the 53-year old Stratton will not be given the title of CEO even though he will have the same responsibilities that Mead had over the last few years. Instead, Stratton's title will be executive vice president and president of operations. The 8-K added that Stratton will have "operational responsibility for Verizon's wireless and wireline businesses."

Stratton will now report to former Verizon Wireless CEO Lowell McAdam who currently is the Chairman and CEO of the parent firm, Verizon Communications. Mead will now become the president of strategic initiatives and will be charged with transferring the company's wireline operations in California, Florida and Texas to Frontier Communications. After Mead completes this task, the 61-year old is expected to retire.

Verizon continues to grow, adding 2 million new postpaid subscribers in the fourth quarter. The company closed out 2014 with 108.2 million retail connections.
 
source: SEC via PCMag
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