Verizon CEO: New iPhone Later in the Year

Verizon was expecting the newest iPhone to arrive this summer, but is expected "a little later in the year now," Verizon's incoming CEO said in an interview Friday.

Lowell McAdam, the Verizon Wireless head who will become CEO Sept. 1, told CNBC Friday that the company assumed the iPhone would be released mid-year, as it has the last four years, but will in fact arrive later in the year. Apple has not announced the timetable for the announcement of the fifth iPhone.

The interview came after Verizon announced its quarterly earnings Friday.

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