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.



Latest news

Trump demands end to 'unfair' trade after G7 summit
But even before the G7 summit began , the United States and other participants were on a collision course on a number of issues. A source within the French presidency said Trump's proposal did not seem "coherent", and that it would be discussed in Quebec.

China hosts Pakistan, India for Shanghai Cooperation Organisation summit
He was in the Chinese city of Wuhan on April 27 and 28 to attend an informal summit with President Xi Jinping . Other full members are China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Pakistan.

Ghanaians shocked by alleged soccer bribery documentary
Mr Nyantakyi has not replied to multiple requests for comment while the GFA has said it would cooperate with any investigation. Government on Thursday indicated its resolve to dissolve GFA in a bid to sanitise football administration.

EA Announces Star Wars: Jedi Fallen Order
EA-owned Respawn Entertainment could tease a new Star Wars game at EA Play , EA's pre-E3 2018 event. It takes place when Jedi are being hunted between Episode III and IV.

Other news