Verizon names chief technology officer as new CEO

Marcus Newton
June 11, 2018

Vestberg has led a team building out Verizon's fibre network infrastructure and was overseeing the USA build-out. The Justice Department is now making attempts to block AT&T's plan to acquire Time Warner, CNN's parent company.

"As Lowell approached the retirement age it seemed less and less likely that he was willing to take on a large acquisition as he was about to exit the company", said Walt Piecyk, an analyst with BTIG LLC.

Verizon's next CEO will be Hans Vestberg, former CEO of key supplier Ericsson, who joined Verizon as chief technology officer just over a year ago. Vestberg's contribution so far at Verizon as CTO is quite deep. A judgment on that case is expected by June 12.

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.

Verizon acquired Yahoo and AOL under McAdams administration. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

McAdam's strategic focus on network investment vastly expanded Verizon's capabilities and reach, from the rapid acceleration and deployment of 4G in his first year as CEO to the development of One Fiber/Verizon Intelligent Edge Network, enabling Verizon to be the first company to deliver 5G technology.

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Hans Vestberg said in an interview the No. 1 US wireless carrier would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content.

Though, media is gradually becoming obsolete in telecom.

The transition also comes amid a pending tie-up between number three and four carriers T-Mobile and Sprint, subject to regulatory review. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company. "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.

"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".

But McAdam expressed confidence about his successor.

Other reports by MaliBehiribAe

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