Verizon names former Ericsson chief as new CEO

Eileen GuzmanJun 11, 2018

Taking over the reigns will be Hans Vestberg, who joined the company just previous year as Executive Vice President and President of Global Networks and CTO at Verizon.

The decision to name Vestberg as Verizon's new CEO seems to indicate that the company, unlike rival AT&T, wants to focus on its wireless technology more than films and television.

McAdam, 64, will serve as executive chairman of the board through his retirement from the company at the end of the year. Both were contenders to succeed McAdam, but Walden resigned late past year after learning she was unlikely to be named CEO. A judgment on the case will be next week, on Tuesday 12 June.

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.

Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T.

Under McAdam, Verizon took over the stake in the important wireless unit from Britain's Vodafone and built a customer base of more than 150 million.

His appointment comes as Verizon and other wireless carriers are racing to develop a 5G network that would deliver faster speeds.

"As the industry enters a next phase, driven by 5G, IoT and Cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson's industry leadership", Vestberg said at the time. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

Though, media is gradually becoming obsolete in telecom. Verizon rivals Sprint and T-Mobile have also announced plans to merge. He joined the company in April 2017 after an unproductive seven years as Ericsson CEO. "At this point he's closer to the current focus of the company", John Hodulik, an analyst at UBS who covers Verizon, told The Journal.

But McAdam expressed confidence about his successor.

He added, "As I think about the power of 5G, I am convinced that this is a significant and pivotal time for Verizon and our entire industry - and now is the time to bring Verizon into its next chapter". "Hans is an energizing force" that will make Verizon a leader in "the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility".

Related Articles:



« Previous article
Next article »


Popular Pages

Fekir staying at Lyon despite FFF chief's medical claims
A product of Lyon's successful youth academy, the skillful forward has 58 goals in 161 games for Lyon. Nabil Fekir will not be moving to Liverpool , according to a statement released by Lyon .

French Open 2018: Rafael Nadal chases Margaret Court’s all-time record
The Spaniard also won the title without losing a set, becoming the third man to do so in the Open era after Ilie Nastase and Borg. But the unrelenting Nadal continued to fire winners from behind the baseline and again broke early, consolidating for a 3-1 lead.

Oil prices extended losses on after JP Morgan cuts forecast
The U.S. government has unofficially asked Saudi Arabia and other OPEC producers to boost output, sources told Reuters on Tuesday. The 14 OPEC members account for 1.21 trillion of the world's total proved reserves of 1.48 trillion barrels of crude oil.

EA's new subscription service Origin Access Premier announced at E3 2018
The basic Origin Access provides gamers with a trove of over a hundred past games from EA and other publishers. Now, rather than back-catalog games, there'll be the option to play all of the newest titles.

Photo of Merkel and Trump captures G7 tensions
Trump has provoked outrage and unsettled markets by imposing tariffs on steel and aluminium imports to the United States. After a war of words the day before, American-French relations appear to be back on track at the G7 summit on Friday.

How to have tough conversations about mental health
Polky says resources like the National Suicide Prevention Lifeline could end up saving someone's life - immediately and long term. With or without mental health conditions, people who commit suicide do so for a variety of reasons.

Supposed protective case for Samsung Galaxy Note 9 surface
And with a great, long-lasting battery, users don't have to worry about carrying an extra power pack or finding an outlet. For consumers who want more-more display, a better camera , and an even more powerful battery-the Galaxy J7 delivers.

Frozen world and characters confirmed for Kingdom Hearts 3
It seemed like a lock that Square Enix would be announcing Kingdom Hearts 3's release date at its E3 press conference. This was followed up with a new trailer , featuring additions such as worlds based on Frozen and Tangled .

Afghan forces kill 10 Taliban after truce takes effect
Afghan officials say Taliban militants have killed over 40 government security personnel in attacks across the country. He added that eight Taliban attackers were killed and more than a dozen others were wounded during the gun battle.

Mayweather Becomes Highest-Paid Athlete With $275m A Night
Just behind him is Jordan Spieth with earnings of $41.2m, a staggering $11.2m of which came in prize money earned on the course. The 41-year-old also earned $10 million (R127 771 400, 00) from endorsement deals with companies like Hublot and Tequila Avion.