Verizon CEO to Retire, Succeeded by a Newcomer

Hans Vestberg will be the next CEO at Verizon

Hans Vestberg will be the next CEO at Verizon

Verizon is serious about 5G. I am incredibly proud of the strides we have made to position Verizon as the leader in customer service and on the forefront of next-generation technologies, including 5G.

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.

Lowell McAdam, who has been CEO since 2011, will stay on as chairman of the board of directors after he retires.

Vestberg, 52, joined the wireless provider past year and has been working on Verizon's networks, including the 4G LTE network.

Current CEO McAdam has been serving Verizon as Chairman since January 2012 after joining the company five months earlier.

Verizon's decision to name Vestberg the new CEO is an indication that the telecom giant wants to focus fully on its wireless technology far more than television and films, unlike rival AT&T. The Justice Department sued to block AT&T from buying CNN's parent company Time Warner. A judgment on the case will be next week, on Tuesday 12 June.

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Under McAdam, Verizon bought AOL and Yahoo.

Under McAdam's leadership as CEO, Verizon took over complete ownership of Verizon Wireless in 2014 through a $130 billion purchase of Vodafone's 45 percent stake in the company. The change comes at a time when the company is preparing to deploy its 5G network in the United States.

Verizon new CEO Vestberg did not mention media or content while discussing his goals for the company in a statement on Friday.

The lines between telecom and media are rapidly blurring though. 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). Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017. Verizon took a close look at 21st Century Fox's studio assets before the Disney deal was announced, and has been seen as an interested party in regard to companies such as Lionsgate, Viacom and CBS.

She added, "The Board has been impressed not only by Hans' performance and vision leading one of the largest organizations within Verizon, but also by his depth of experience, track record of operational success and passion for innovation".

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