Verizon Wireless is doing some shifting around as the SEC(securities and Exchange Commission)and Verizon Communications have just posted official documents displaying the change in CEO’s from Dan Mead to John Stratton. Reports of Verizon Wireless appointing the new CEO after Dan Mead held the position for the past five years, beginning his time with the role back in 2010, comes after Verizon’s top 3 competitors have all appointed new CEO’s as well. T-Mobile and Sprint’s new CEOs have been making some much needed changes to both of their own wireless carriers and this perhaps may be part of the reasoning for Verizon’s decision to shift gears.
Dan Mead will not be leaving the company immediately as the documents state that he will continue on with Verizon Wireless in the new role of executive vice president and president of strategic initiatives, where he will oversee the sale of the wireline assets that Verizon recently sold off to Frontier. After the sale is concluded which they hope will happen sometime next year, Dan Mead plans to retire according to the documents. John Stratton will take over as executive vice president and president of operations to run the wireless and wireline operations. Both Mead and Stratton will still report to Lowell McAdam who is the CEO of Verizon Communications, the parent company of Verizon Wireless.
Stratton has held multiple other executive positions within Verizon Wireless prior to being named the new CEO as of today, having been COO and CMO of the nations largest wireless carrier. Now with Stratton taking over the company it’ll be interesting to see if and how Verizon’s strategies change to compete with the other carriers. It’s also possible that Stratton will see no need to compete with the likes of John Legere and Marcelo Claure,(the CEO’s for both T-Mobile and Sprint)and they may continue focusing on doing things as they’ve always done. They still command the largest subscriber base, and they have the most coverage as a whole, so will Verizon’s new CEO be looking to change things up or will operational plans stay mostly the same? It’ll certainly be interesting to see how this affects the wireless competition.