Hans Vestberg to Replace McAdam as Verizon's CEO

Hans Vestberg to Replace McAdam as Verizon's CEO

Hans Vestberg to Replace McAdam as Verizon's CEO

Vestberg, 52, the current head of Verizon's new network and technology unit, takes over as CEO from Lowell McAdam effective August 1, Verizon said Friday in a statement.

Current CEO Lowell McAdam, 64, will step down on August 1, seven years after he took the helm of the company.

Stratton, 57, has served Verizon and its predecessor, Bell Atlantic Mobile, for more than 25 years, holding a number of executive level positions. His responsibilities include further developing the architecture for Verizon's fiber-centric networks, including the country's leading 4G LTE network, the largest and first 5G deployment in the US, the nation's broadest residential fiber network, and a global internet backbone and undersea cable network carrying much of the world's internet traffic.

The shuffle of leadership has come up due to the critical change in the wireless industry as Verizon and it's competitors are racing to bring in 5G coverage and prove the network superiority.

The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business.

Verizon has typically relied on a strong wireless network to grow its customer base, but that strategy has faltered recently as competitors, such as T-Mobile, have improved their service and reputation with customers, said BTIG analyst Walt Piecyk.

With Hans Vestberg taking over as the new Verizon CEO, Lowell McAdam will be changing roles. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO. The company also acquired 45 percent of Vodafone's $130 billion stake in Verizon Wireless, now the biggest technology deal of all time. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo! "As the industry enters a next phase, driven by 5G, IoT and cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson's industry leadership". Companies are bulking up in an attempt to grab as many consumers as they can. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company.

Though, media is gradually becoming obsolete in telecom.

But McAdam expressed confidence about his successor. "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".

Related news