Verizon picks Hans Vestberg to serve as new CEO

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

Former Ericsson chief executive Hans Vestberg was named Friday as the new CEO of USA telecom group Verizon, succeeding Lowell McAdam as of Aug 1.

McAdam, who has been with the company for 35 years, seven of them as CEO, said that Vestberg will shepherd the company's 5G aspirations going forward.

His appointment is likely to surprise some investors who believed Verizon veteran John Stratton would assume the role of chief executive, according to The Journal.

Vestberg, 52, joined the wireless provider a year ago and has been working on Verizon's networks, including the 4G LTE network. Vestberg had previously been CEO and president of Ericsson for six years. It was one of the company's ways of touting its upcoming 5G broadband network, which has promised faster data speeds to consumers and businesses.

Verizon Communications Inc. named Hans Vestberg as its next chief executive, choosing a relative newcomer to run the wireless giant at a time when its industry is being reshaped by megadeals. McAdam, 64, noted that he is confident that Vestberg is the right person to navigate Verizon through its next chapter. Under McAdam, Verizon took over complete ownership of Verizon Wireless in 2014 through a Dollars 130 billion purchase of Vodafone's 45 percent stake in the company.

Under McAdam, Verizon bought AOL and Yahoo. The change comes at a time when the company is preparing to deploy its 5G network in the United States.

In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company.

But McAdam expressed confidence about his successor. Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017.

In a statement, Vestberg said, "We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology, connectivity and mobility".

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