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

Vestberg's rise is a clear indication that Verizon, the biggest USA wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G.

Hans Vestberg is now the executive vice president and president of Global Networks and chief technology officer of Verizon. Verizon announced that he will assume that title August 1, replacing Lowell McAdam, who has been Verizon CEO for seven years. He'll remain the CEO until the end of the year when he will be retiring.

Vestberg, 52, joined the wireless provider previous year and has been working on Verizon's networks, including the 4G LTE network. Vestberg had joined the company in the year 2017 after completing a tenure of six years as the Chief Executive Officer of Swedish telecommunications company, Ericsson.

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.

Stratton, 57, is exiting Verizon after more than 25 years at the telco and predecessor company Bell Atlantic Mobile.

Vestberg said, "I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry". Lowell has been a visionary leader, steering Verizon into new growth markets in wireless, the Internet of Things and digital media.

Eruption of lava continues from vent in Hawaii neighborhood
Lava destroys homes in the Kapoho area, east of Pahoa, during ongoing eruptions of the Kilauea Volcano in Hawaii, June 5, 2018. The most recent eruption included new lava flows through Kapoho Beach Lots and Vacationland that destroyed almost 500 homes.

Verizon acquired Yahoo and AOL under McAdams administration.

"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.

Hans Vestberg led more than 115,000 employees as Ericsson transformed from a focus on hardware to software and services.

Though, media is gradually becoming obsolete in telecom. Vestberg was dismissed from Ericsson two years ago following pressure from unhappy shareholders after series of disappointing financial results.

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

"We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology, connectivity and mobility,"he said".

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