Verizon CEO to Retire, Succeeded by a Newcomer

Hans Vestberg Verizon executive vice president and president of Global Networks and Chief Technology Officer speaks during a panel discussion on 5G wireless broadband technology during the 2018 CES in Las Vegas Nevada US

Verizon Communications announced Friday that its chief technology officer, Hans Vestberg, will run the company starting in August.

Vestberg, a native of Sweden, served for six years as president and CEO of that country's big telecom-networking group Ericsson before moving to Verizon. "We had originally though that Vestberg was hired to give his "under the hood' view of global networks and help Verizon with its move to expand its fiber network out of region", she writes".

With Hans Vestberg taking over as the new Verizon CEO, Lowell McAdam will be changing roles.

McAdam, 64, who has been CEO since 2011, will serve as executive chairman until the end of next year, when he will retire and become non-executive chairman, a Verizon statement said. McAdam is retiring this year, and once he does retire, he will transition into the non-executive chairman of the company. "Hans is an energizing force" that will make Verizon a leader in "the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility".

Many were surprised that Verizon veteran John Stratton, president of global operations, was not named in the role, but Wells Fargo analysts said the Vestberg choice points to the importance of Verizon's fiber strategy.

Vestberg meanwhile stepped down as Ericsson chief in 2016 after dismal earnings resulted in sustained criticism of his leadership of the infrastructure giant.

During McAdam's tenure Verizon has made more than $120 billion in capital investments, including spectrum purchases, to enhance its networks, focused on deals to grow its wireless, media and broadband services.

Vestberg is also one of the founding members of the International Telecommunications Union (ITU) Broadband Commission for Digital Development.

His appointment comes as Verizon and other wireless carriers are racing to develop a 5G network that would deliver faster speeds.

Verizon acquired Yahoo and AOL under McAdams administration.

Verizon has shown how serious it is about 5G.

Verizon Communications Inc. (NYSE:VZ) (Nasdaq:VZ), headquartered in New York City, generated $126 billion in 2017 revenues. News releases are also available through an RSS feed.

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