UPDATE: Verizon Wireless Names Lowell McAdam as CEO

The Verizon Board of Directors has named Verizon President and COO Lowell C. McAdam as president and chief executive officer of Verizon Communications Inc. VZ, effective Aug. 1, completing the company's CEO succession process under way since 2010.  Ivan G. Seidenberg will step down from the CEO role but remain chairman to continue to facilitate the transition.