Verizon Announces Hans Vestberg As Its Next CEO

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

I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry.

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. He pioneered the success of Verizon's switch to 4G LTE and has staged the company's plans to build a 5G wireless broadband network. He'll remain the CEO until the end of the year when he will be retiring.

"There are number of different ways Hans Vestberg could reshape Verizon's future", BTIG analyst Walt Piecyk told the Washington Post, given that communications companies are "facing new competition and disruption to their existing business models" - referring to OTT.

The second largest telecom operator AT&T is now awaiting a court decision on whether it can proceed with its plan to buy media company Time Warner to bring cost effective content to wireless subscribers as part of the strategy to enhance ARPU. A judgment on the case will be next week, on Tuesday 12 June. It also closed the largest technology deal of all time in 2014, buying Vodafone's 45% stake in Verizon Wireless for $130 billion.

The race of bringing in 5G network has drove the company to take up the decision.




In January, Vestberg in a panel discussion at CES show which held in Las Vegas disclosed Verizon's 5G plan in a presentation.

Vestberg said in an interview Verizon would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content.

Though, media is gradually becoming obsolete in telecom. Since his appointment to EVP and President of Global Operations in 2015, Stratton has led and grown the company's established businesses, including Verizon Wireless, Verizon Enterprise Solutions, Verizon Consumer Markets, Verizon Business Markets, Verizon Partner Solutions and Verizon Connect (telematics). This also comes amid other shifts in the industry, including T-Mobile's planned merger with Sprint, which resulted in Sprint getting its own new CEO. Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company. Verizon's share went down by 1 percent as on Friday morning.

But McAdam expressed confidence about his successor. "For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter".

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