Future Verizon CEO Hans Vestberg: Will He Continue McAdam Legacy?

11 June, 2018, 03:30 | Author: Brooke Harris
  • Verizon Names Former Ericsson Chief Hans Vestberg as New CEO Prioritises 5G Over Content

Mr. Vestberg, who joined the company about a year ago and is its chief technology officer, will succeed longtime CEO Lowell McAdam on August 1. In fact, not long after Verizon announced Vestberg as CEO, it announced that Stratton, executive vice president and president of Global Operations, informed the company of his decision to retire from the company by the end of this year. "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".

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".

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.

"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,"he said". After this, he will still hold the Non-Executive Chairman position with VZ.

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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During McAdam's tenure Verizon has made more than $120 billion in capital investments, including spectrum purchases, to enhance its networks, focused on deals to grow its wireless, media and broadband services.

Vestberg was a founding member of the International Telecommunications Union (ITU) Broadband Commission for Digital Development, where he led climate-change and digital-health initiatives.

Under McAdam, Verizon bought AOL and Yahoo.

Under McAdam, Verizon took over the stake in the important wireless unit from Britain's Vodafone and built a customer base of more than 150 million.

Verizon is serious about 5G. A longtime network infrastructure executive who has talked about the benefits of a "connected society", Vestberg was brought in to to lay out the company's next-generation network architecture, as well to integrate its various wireless and landline networks.

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