Verizon names tech chief as CEO, putting 5G network over content
Verizon names tech chief as CEO, putting 5G network over content
09 June, 2018, 20:12
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.
Vestberg's rise is a clear indication that Verizon, the biggest US wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G. Mr. McAdam will remain executive chairman until the end of the year and then become nonexecutive chairman. In this role, Vestberg has spearheaded Verizon's efforts to deliver seamless experiences for customers over the company's network, while demonstrating a willingness to disrupt established processes and practices to make Verizon stronger and more efficient.
Verizon Communications Inc. named Hans Vestberg chief executive officer, putting an end to months of speculation over who would take over at the wireless giant in the midst of a tumultuous year for the telecommunications industry. The board's selection of the newcomer, who has been responsible for overseeing the deployment of next-generation 5G mobile services, signals the significance the company places on an emerging technology that will deliver faster internet connections and download speeds and play a critical role in a range of emerging technologies, including self-driving vehicles and internet connected devices. "For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter". Nomura expected other executives to leave Verizon after the appointment.
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.
Verizon said he led the acquisitions of major media, fiber and telematics assets, including AOL, Yahoo, XO Communications and optical fiber from Corning as well as divestment of wireline, tower and data center operations.
Wells Fargo Analyst Jennifer Fritzsche said the choice of Vestberg speaks volumes about Verizon's future priorities.
In fact, Hans Vestberg joined wireless operator Verizon after a one-year break after being fired in an investor-driven shakeup at Ericsson in 2016, following years of dismal growth and weak earnings. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.
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