Verizon taps Hans Vestberg as chief executive

Verizon Names Former Ericsson Chief Hans Vestberg as New CEO Prioritises 5G Over Content

Verizon Names Former Ericsson Chief Hans Vestberg as New CEO Prioritises 5G Over Content

Verizon has announced today via press release, that Hans Vestberg will succeed Lowell McAdam as the company's chief executive officer, effective August 1.

McAdam was named CEO in 2011 and chairman in 2012 although he had served as an executive with subsidiary Verizon Wireless for several years prior. In fact, not long after Verizon announced Vestberg as CEO, it announced that Stratton, executive vice president and president of Global Operations, informed the company of his decision to retire from the company by the end of this year.

"I know that he has the right expertise, experience and business acumen to lead us forward and build on our strategy", McAdam noted in a note to employees.

Keeth continued, "On behalf of the entire Board, we thank Lowell for his almost two decades of service to Verizon and the valuable contributions during his tenure as CEO".

Since April 2017, Vestberg has served as Executive Vice President and President of Global Networks and Chief Technology Officer, with responsibility for further developing the architecture for Verizon's fiber-centric networks.

Investors would be wondering if Verizon new CEO Vestberg is the right candidate to lead the telecom giant. In a statement, Vestberg called attention to the company's continuing efforts in the space. The board's selection of the newcomer, who has been responsible for overseeing the deployment of next-generation 5G mobile services, signals the significance the company places on an emerging technology that will deliver faster internet connections and download speeds and play a critical role in a range of emerging technologies, including self-driving vehicles and internet connected devices.

The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business. Since that time, Verizon has made more than United States dollars 120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, and pursued an M&A strategy focused on mobile, media and broadband services. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.

Under McAdam, Verizon completed the $130 billion buyout of Vodafone's wireless business in 2014, and acquired Yahoo and AOL to diversify into digital media.

Full bios, photos and other materials can be accessed here.

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