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Verizon CEO to retire

Lowell McAdam will retire as CEO of Verizon Communications Inc., effective Aug. 1.

The company's board tapped Hans Vestberg, executive vice president and president of global networks and chief technology officer, to succeed McAdam as its new CEO. McAdam was named CEO of Verizon on Aug. 1, 2011, and chairman on Jan. 1, 2012.

McAdam will serve as executive chairman of the board through his retirement from the company at the end of 2018, at which time he will become nonexecutive chairman, the company said June 8.

The company also elected Vestberg to the company's board.

In an SEC filing, the company also said that John Stratton, formerly executive vice president and president of global operations of Verizon, is no longer responsible for the Global Operations organization and instead has become a strategic adviser reporting to McAdam. Stratton plans to retire by the end of the year.