Verizon names Vestberg as successor to CEO McAdam

Verizon CEO Lowell Mc Adam is retiring and will be succeeded by its current chief technology officer who is the former CEO of Ericsson. McAdam who served as Verizon’s CEO for seven years will remain as its chairman through year’s end and become a

Verizon CEO Lowell McAdam To Retire, With CTO Hans Vestberg Taking Over

Vestberg said, "I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry".

Under Stratton's leadership, Verizon has driven significant growth across its core businesses and accelerated its shift toward a digital-first model. A judgment on that case is expected by June 12.

One of McAdam's signature deals was Verizon's $130 billion buyout of Vodafone's 45% stake in the US wireless company, a deal which gave the company full access to the profits from its mobile operations and the resources to invest in its mobile network and fend off challengers.

Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T. The change comes at a time when the company is preparing to deploy its 5G network in the United States.

Verizon tapped a technology expert as it races against other wireless carriers to develop a 5G network that would deliver faster speeds.

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.

In January, Vestberg in a panel discussion at CES show which held in Las Vegas disclosed Verizon's 5G plan in a presentation.

Hans Vestberg said in an interview the No. 1 USA wireless carrier would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content. Rivals T-Mobile and Sprint have also announced plans to merge in other to combine resources to build a 5G network. Vestberg was dismissed from Ericsson two years ago following pressure from unhappy shareholders after series of disappointing financial results. "Effective immediately, Stratton will step down from his current role and will support a smooth transition as a strategic adviser reporting to Lowell McAdam", Verizon said in a statement Friday.

But McAdam expressed confidence about 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".

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