Saturday, 23 June, 2018

Verizon names next CEO

Hans Vestberg Verizon newcomer Hans Vestberg will step into the CEO role in August. David Ramos Getty Images
Russell Knight | 11 June, 2018, 03:28

Verizon Communications has named Ericsson former CEO Hans Vestberg as the next CEO and the successor to Lowell McAdam.

Lowell McAdam, who has been CEO since 2011, will stay on as chairman of the board of directors after he retires. Then in July 2016, Ericsson's board thanked Vestberg for his energy and leadership and said it was time for a new CEO to run Ericsson.

Vestberg and Verizon veteran John Stratton were the two top contenders for the CEO role, according to the Wall Street Journal.

In prior interviews, Vestberg had insisted on the point that Verizon would be first to 5G, but didn't go into details about whether its mobile 5G network would launch before AT&T or not.

Verizon named Chief Technology Officer Hans Vestberg as its new CEO on Friday, surprising analysts and signaling the largest U.S. wireless company's priority is building the next-generation 5G network, not expanding further into media content.

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He's to become CEO at Verizon, effective August 1.

"Hans is an energizing force who will continue to position Verizon to lead the Fourth Industrial Revolution - the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility", McAdam said in a statement.

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.

Hans Vestberg, 52, has spent only a year at the company. And the telecom company has also fiercely pushed its FiOS broadband network and 4G LTE technology. The company operates America's most reliable wireless network and the nation's premier all-fiber network, and delivers integrated solutions to businesses worldwide.

The plans of Vestberg are critical as the various wireless carriers jockey for leadership position in the US. "We are constantly evaluating things, but there's nothing that we are looking at right now". AT&T is fighting to win approval for its $85 billion takeover of Time Warner Inc, and Sprint has proposed a $26.5 billion merger of T-Mobile US Inc. The company's shares closed Friday at $49.18, up 17 cents. He will remain as non-executive chairman after that.

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