Hans Vestberg named Verizon's new CEO

Hans Vestberg named Verizon's new CEO

Hans Vestberg named Verizon's new 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.

During his tenure as CEO, McAdam strategically positioned Verizon for next-generation growth.

Verizon executive Hans Vestberg speaks during a panel discussion on 5G wireless broadband technology during the 2018 CES in Las Vegas, Nev. on January 10, 2018.

Stratton, 57, is exiting Verizon after more than 25 years at the telco and predecessor company Bell Atlantic Mobile.

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Years of experience at Ericsson will assist Hans Vestberg to select the best technology cost effectively for Verizon, keeping better margins for further growth.

McAdam, 64, who has been CEO since 2011, will serve as executive chairman until the end of next year, when he will retire and become non-executive chairman, a Verizon statement said. At the time, he also took a seat on a three-member management team alongside Marni Walden, the then media chief, and John Stratton, in charge of customer and product operations. "The timing of the change could be good as the court decision on AT&T's Time Warner deal comes next week".

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.

Investors may be wondering if Vestberg, who was ousted from Ericsson in 2016 following a series of disappointing financial results and pressure from unhappy shareholders, may be the right person to lead Verizon.

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Hans Vestberg, according to media reports earlier, was also considered for the CEO position at software giant Microsoft before the US-based technology company finalized Sathya Nadella.

Since 2011 Verizon Communications made more than $120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, to enhance its mobile networks, while pursuing an M&A strategy focused on wireless, media and broadband services.

He also led efforts to buy faded internet stars AOL and Yahoo to create a digital media operation within the firm, under the brand known as Oath.

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