Verizon CEO McAdam retiring, Vestberg named successor

Bloomberg’s Crayton Harrison reports on Verizon’s new CEO

Bloomberg’s Crayton Harrison reports on Verizon’s new CEO

Verizon CEO Lowell McAdam plans to retire from the company at the end of this year, and his successor will be Hans Vestberg, whose titles now include CTO, executive vice president, and president of global networks. The company says that this change will have Hans Vestberg taking over as CEO on August 1, 2018. McAdam is retiring this year, and once he does retire, he will transition into the non-executive chairman of the company. The telecom giant on Friday announced having a new CEO Hans Vestberg who is to lead the company's roadmap to 5G.

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Keeth continued, "On behalf of the entire Board, we thank Lowell for his almost two decades of service to Verizon and the valuable contributions during his tenure as CEO". 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. Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017.

Verizon acquired Yahoo and AOL under McAdams administration.

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The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business. He previously was CEO at Ericsson before exiting in mid-2016. 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).

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. It has returned over Dollars 54 billion to shareholders in cash dividends. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network. The company also acquired 45 percent of Vodafone's $130 billion stake in Verizon Wireless, now the biggest technology deal of all time.

Verizon has shown how serious it is about 5G.

McAdam informed Verizon employees of this succession plan earlier today in a video message that can be viewed here. 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. Its Oath subsidiary reaches about one billion people around the world with a dynamic house of media and technology brands.

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