Verizon names tech chief CEO, prioritises 5G network over content

  • Verizon names tech chief CEO, prioritises 5G network over content

Verizon names tech chief CEO, prioritises 5G network over content

Hans is an energizing force who will continue to position Verizon to lead the Fourth Industrial Revolution - the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility. Hans Vestberg, now head of Global Networks and the company's CTO, will succeed Lowell McAdam, who will serve as executive chairman of the board until he retires at the end of the year. The company says that this change will have Hans Vestberg taking over as CEO on August 1, 2018. He will stay on as executive chairman through the end of the year. As CTO, Vestberg was the architect of the company's 4G LTE rollout and its plans to build a 5G wireless broadband network.

Vestberg, 52, is a relative newcomer to Verizon, starting his role in April 2017 after an ouster at Swedish multinational telecommunications company Ericsson AB. "Effective immediately, Stratton will step down from his current role and will support a smooth transition as a strategic adviser reporting to Lowell McAdam", Verizon said in a statement Friday.

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 added, "On behalf of the Board, management team and all of us at Verizon, I want to thank John for all that he has done for our business and wish him the best as he starts his next chapter". Then in July 2016, Ericsson's board thanked Vestberg for his energy and leadership and said it was time for a new CEO to run Ericsson. The company also acquired 45 percent of Vodafone's $130 billion stake in Verizon Wireless, now the biggest technology deal of all time. The change comes at a time when the company is preparing to deploy its 5G network in the United States.

Though, media is gradually becoming obsolete in telecom.

Hans Vestberg led more than 115,000 employees as Ericsson transformed from a focus on hardware to software and services.

Meanwhile, Current CEO McAdam has expressed confidence in his successor. "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".