Published: Mon, June 11, 2018
Business | By Eloise Houston

Verizon names next CEO

Verizon names next CEO

He'll remain the CEO until the end of the year when he will be retiring.

Vestberg said in an interview Verizon would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content. Stratton has also served as a member of the National Security Telecommunications Advisory Committee since 2012, and he is a board member of CTIA, which represents the US wireless industry.

Lars Soderfjell, a portfolio manager at Finnish bank Alandsbanken, which owns Ericsson shares, said Vestberg pushed to expand the company's services unit, which included managing networks for mobile operators. Some analysts feel that Verizon needs new business streams to revive the growth. He was ousted by Ericsson in 2016 after a string of missing quarterly financial targets.

The unexpected appointment of Hans Vestberg indicates that Verizon may not acquire a media / content company to rival AT&T.

His time with the company has been short, only taking on his current roles with it in April 2017. Lowell McAdam, who served as Verizon's CEO for seven years, will remain as its chairman through year's end and become a non-executive chairman after that time, the NY company said in a regulatory filing on Friday.

Investors would be wondering if Verizon new CEO Vestberg is the right candidate to lead the telecom giant.

Hans Vestberg, 52, has spent only a year at the company. Hans Vestberg needs to prove himself by identifying new business opportunities for managing the growth at Verizon.

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

Vestberg earlier served as CFO at Ercisson. McAdam will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman. Verizon announced that he will assume that title August 1, replacing Lowell McAdam, who has been Verizon CEO for seven years. "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".

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".

Vestberg was hired as the corporation's CTO a little more than a year ago, tasked with what the company said were "fibre-centric" businesses as well as the wireless networks.

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