Verizon CEO McAdam retiring, Vestberg named successor - 6/8/2018 8:14:42 AM

Verizon CEO McAdam retiring, Vestberg named successor - 6/8/2018 8:14:42 AM

Verizon CEO McAdam retiring, Vestberg named successor - 6/8/2018 8:14:42 AM

Before joining Verizon, he worked at the networking and telecommunications company Ericsson, where he served six years as chief executive and president and also was chief financial officer. "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". Then in July 2016, Ericsson's board thanked Vestberg for his energy and leadership and said it was time for a new CEO to run Ericsson. The 52-year-old Vestberg will take over as Verizon CEO on August 1. Vestberg's contribution so far at Verizon as CTO is quite deep.

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 USA, residential fiber network, and a global internet backbone and undersea cable network with massive investment. Stratton plans to retire by the end of the year.

"There are number of different ways Hans Vestberg could reshape Verizon's future", Piecyk said, adding that Verizon and other communications companies are "facing new competition and disruption to their existing business models". The Justice Department is now making attempts to block AT&T's plan to acquire Time Warner, CNN's parent company. A judgment on that case is expected by June 12.

Verizon acquired Yahoo and AOL under McAdams administration. Under McAdam, Verizon took over complete ownership of Verizon Wireless in 2014 through a Dollars 130 billion purchase of Vodafone's 45 percent stake in the company. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

The shuffle of leadership has come up due to the critical change in the wireless industry as Verizon and it's competitors are racing to bring in 5G coverage and prove the network superiority. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland.

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In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services. This also comes amid other shifts in the industry, including T-Mobile's planned merger with Sprint, which resulted in Sprint getting its own new CEO.

Verizon shares fell less than 1 percent in early trading Friday.

Meanwhile, Current CEO McAdam has expressed confidence in his successor.

The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business. "Hans is an energizing force who will continue to position Verizon to lead the Fourth Industrial Revolution - the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility".

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