Published: Mon, June 11, 2018
Markets | By Erika Turner

Verizon Communications Inc.: Verizon announces CEO succession plan

Verizon Communications Inc.: Verizon announces CEO succession plan

Verizon named Chief Technology Officer Hans Vestberg as its new CEO on Friday, surprising analysts and signaling the largest USA wireless company's priority is building the next-generation 5G network, not expanding further into media content. Before joining Verizon he worked six years as the chief executive of Ericcson, a networking and telecommunications company.

The appointment of Hans Vestberg indicates that the key strategy of Verizon, the number one telecom operator in the US, will be in the building up of 5G, the next-generation of wireless network and not expanding into media content, Reuters reported.

McAdam added, "On behalf of the Board, management team and all of us at Verizon, I want to thank John for all that he has done for our business and wish him the best as he starts his next chapter". McAdam had been the CEO of Verizon since 2011, and he became executive chairman in 2012. Verizon announced that he will assume that title August 1, replacing Lowell McAdam, who has been Verizon CEO for seven years. McAdam will continue to serve as chairman of Verizon's board of directors beyond his retirement at the end of the year. "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". After this, he will still hold the Non-Executive Chairman position with VZ. Since that time, Verizon has made more than United States dollars 120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, and pursued an M&A strategy focused on mobile, media and broadband services. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo!

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Verizon has vowed to be the first to 5G, but has only talked about its plans to roll it out as a broadband replacement service. It was one of the company's ways of touting its upcoming 5G broadband network, which has promised faster data speeds to consumers and businesses.

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