Verizon names former Ericsson chief as new CEO

Verizon CEO Lowell McAdam To Retire, With CTO Hans Vestberg Taking Over

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. Before joining Verizon he worked six years as the chief executive of Ericcson, a networking and telecommunications company.

Vestberg's rise is a clear indication that Verizon, the biggest US wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G. He will replace current chief executive Lowell McAdam, who's held the position since 2011. The 52-year-old Vestberg will take over as Verizon CEO on August 1.

Lowell C McAdam, 64, will serve as executive chairman of till his retirement from the global telecom operator at the end of the year and non-executive chairman post retirement, said Verizon, in a statement. Most recently, he was EVP and president of global operations. After that, he will become a non-executive chairman. Hans Vestberg as the CEO of Ericsson could not revive the Sweden-based telecom network company despite exploring opportunities to grow bigger and lower cost.

Under McAdam, Verizon bought AOL and Yahoo. Inc., XO Communications and the purchase of millions of miles of optical fiber from Corning Incorporated, as well as divestments of non-strategic wireline, tower and data center operations. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.

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.

More news: Rafael Nadal secures 11th French Open title

Under Stratton's leadership, Verizon has driven significant growth across its core businesses and accelerated its shift toward a digital-first model.

McAdam informed Verizon employees of this succession plan earlier today in a video message that can be viewed here.

Verizon Communications Inc. (NYSE:VZ) (Nasdaq:VZ), headquartered in New York City, generated $126 billion in 2017 revenues.

Vestberg's duties at the company have included expanding out and developing its fiber network. News releases are also available through an RSS feed.

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