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Stratton takes over both the wireless and wireline businesses as former Verizon Wireless CEO Dan Mead prepares for retirement.
Frontier Communications will pick up parts of Verizon's landline business, while American Tower will pick up the rights to 11,300 cellular towers.
The company is close to selling off parts of its wireline business and cellular towers for $10 billion so it can focus on its core wireless service, The Wall Street Journal reports.
It plans to use the $2 billion from Frontier Communications to invest in its Project VIP initiative -- a rollout of an all-IP, wireless cloud network.
Why would a wireless and broadband company like Verizon spend $4.4 billion on a digital media company like AOL? One word: Advertising
The wireless provider follows cable and wireless industry associations in seeking help from the courts.
The Federal Communications Commission releases the details of the rules it passed last month that regulate how Internet providers can treat data, videos and other content.
AT&T's comments suggest the telecommunications giant may be less willing to dole out promotions and discounts to win over bargain hunters.
The carrier lost $2.38 billion in the quarter thanks to charges related to its wireline assets and its brand.
The company has been working to diversify beyond its personal-computer chips business. Last year's focus was on wearables.