Verizon Wireless President Denny Strigl has been promoted to president and chief operating officer of parent company Verizon Communications, the company announced Tuesday.
The chief operating officer position at Verizon Communications is a new one, and Strigl will report to Verizon Chairman and Chief Executive Officer Ivan Seidenberg beginning Jan. 1, the company said. Strigl will have responsibility for all of Verizon's network-based businesses, Verizon Wireless, Verizon Telecom and Verizon Business as well as Verizon Services Operations, which provides financial, real estate and other services to the company.
Verizon Vice Chairman and President Lawrence Babbio Jr. announced Dec. 11 that he planned to retire by the end of the first quarter of 2007.
Lowell McAdam, currently executive vice president and chief operating officer at Verizon Wireless, will take over as president and chief executive officer of Verizon Wireless.
Independent telecom analyst Jeff Kagan called the Strigl promotion a "good move." Under Strigl, Verizon Wireless has offered excellent products and posted strong financial results, Kagan said in an e-mail.
"Moving forward, the wireless business will continue to be a stand-alone provider of wireless services, but it will increasingly offer services as part of a larger bundle," Kagan added. "Verizon is growing and changing quickly as the industry does, focusing more on broadband and wireless services for growth."
Separately, Verizon Communications named John Stratton, currently vice president and chief marketing officer for Verizon Wireless, to the newly created position of executive vice president and chief marketing officer, responsible for the marketing of all Verizon's business units. Shaygan Kheradpir, currently chief information officer for Verizon Telecom, has been named to the newly created position of executive vice president and chief information officer, responsible for the information technology initiatives of all Verizon's business units.
McAdam, Stratton and Kheradpir will report to Strigl, effective Jan. 1.
The revised management structure will allow Verizon to focus more effectively on opportunities to grow and strengthen the business, the company said in a press release. As chief operating officer, Strigl will provide a single point of accountability for all business units.
Babbio will continue to report to Seidenberg, and he will help with the management transition.