Verizon names tech chief CEO, prioritizes 5G network over content

Mae Love
June 11, 2018

Vestberg is now the chief technology officer of Verizon and will succeed Lowell McAdam, who has served as CEO since August 1, 2011. Current Verizon CEO Lowell McAdam said in an interview it was the flawless time to hand the reins to Vestberg, with Verizon at an "inflection point" holding all the pieces it needs for 5G, such as fibre and spectrum.

His appointment is likely to surprise some investors who believed Verizon veteran John Stratton would assume the role of chief executive, according to The Journal. He pioneered the success of Verizon's switch to 4G LTE and has staged the company's plans to build a 5G wireless broadband network. The telecom giant on Friday announced having a new CEO Hans Vestberg who is to lead the company's roadmap to 5G. 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.

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.

"I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry", Vestberg said. Hans Vestberg served as Ericsson's CEO from 2010 through 2016. The company also acquired 45 percent of Vodafone's $130 billion stake in Verizon Wireless, now the biggest technology deal of all time.

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Under McAdam, Verizon bought AOL and Yahoo. "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".

Though, media is gradually becoming obsolete in telecom.

She added, "The Board has been impressed not only by Hans' performance and vision leading one of the largest organizations within Verizon, but also by his depth of experience, track record of operational success and passion for innovation". "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".

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