Published: Mon, June 11, 2018
Business | By Tara Barton

Verizon CEO McAdam retiring, Vestberg named successor

Verizon CEO McAdam retiring, Vestberg named successor

"We had originally though that Vestberg was hired to give his "under the hood' view of global networks and help Verizon with its move to expand its fiber network out of region", she writes". Stratton, president of global operations, will retire this year. This will have him replacing current CEO Lowell McAdam. Stratton has also served as a member of the National Security Telecommunications Advisory Committee since 2012, and he is a board member of CTIA, which represents the USA wireless industry.

Hans Vestberg had served as the CEO at Ericsson for a long time but had stepped down in 2016 after the company had hit a rough patch. Some analysts feel that Verizon needs new business streams to revive the growth. Some analysts have speculated that the company will match AT&T's push into media. The Justice Department sued to block AT&T from buying CNN's parent company Time Warner.

Verizon Communications (VZ) said Chief Executive Lowell McAdam will step down effective August 1 and will be replaced by Hans Vestberg, a former Ericsson (ERIC) executive who joined the company in 2017 as president of global networks and chief technology officer.

Hans Vestberg, 52, has spent only a year at the company.

Currently, Verizon has declined to make Vestberg available for an interview.

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Present responsibilities of Hans Vestberg, 52, include developing the strong architecture for Verizon's fiber-centric networks, including 4G LTE network, 5G deployment in the US, residential fiber network, and a global internet backbone and undersea cable network with massive investment.

McAdam became CEO in August 2011, and chairman in January 2012.

He added, "As I think about the power of 5G, I am convinced that this is a significant and pivotal time for Verizon and our entire industry - and now is the time to bring Verizon into its next chapter".

Hans Vestberg joined Verizon (NYSE:VZ) as its CTO only one year ago. Companies are now more focused on growing the number of customers with varied strategies.

The lines between telecom and media are rapidly blurring though. Nokia could acquire rival Alcatel-Lucent and compete strongly against Huawei and Ericsson. He also led the acquisitions of major media, fiber and telematics assets, including AOL, Yahoo, XO Communications and the purchase of millions of miles of fibre from Corning, as well as divestments of non-strategic wireline, tower and data centre operations.

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