Business

Verizon names new CEO to lead 5G push

Verizon names new CEO to lead 5G push

Stratton, 57, has served Verizon and its predecessor, Bell Atlantic Mobile, for more than 25 years, holding various executive-level positions.

The unexpected appointment of Hans Vestberg indicates that Verizon may not acquire a media / content company to rival AT&T. The Justice Department is now making attempts to block AT&T's plan to acquire Time Warner, CNN's parent company.

Currently, Verizon has declined to make Vestberg available for an interview. He, like McAdam, had been CEO for seven years and with the company for nearly three decades. His responsibilities include further developing the architecture for Verizon's fiber-centric networks, including the country's leading 4G LTE network, the largest and first 5G deployment in the US, the nation's broadest residential fiber network, and a global internet backbone and undersea cable network carrying much of the world's internet traffic.

Until he retires at year-end, McAdam will serve as executive chairman, and then become non-executive chairman, the company said in a statement.

Verizon Communications said Friday that Hans Vestberg will become its new chief executive on August 1 in a move that shows how the No. 1 US wireless carrier is prioritizing developing a next-generation network as it faces more competition from smaller rivals.

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The board of Verizon is happy about the contribution of Hans Vestberg and believes that he can take Verizon to the next level at a time when T-Mobile and Sprint are combining their businesses to take on Verizon and AT&T. Vestberg has only been with Verizon for a year, after having been at Ericsson for six years as its CEO.

Though, media is gradually becoming obsolete in telecom.

"The time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter", McAdam said. Companies are now more focused on growing the number of customers with varied strategies. He will replace current chief executive Lowell McAdam, who's held the position since 2011.

During McAdam's tenure Verizon has made more than $120 billion in capital investments, including spectrum purchases, to enhance its networks, focused on deals to grow its wireless, media and broadband services.

Under McAdam, Verizon expanded into content when it bought media sites AOL and Yahoo, creating a media division called Oath a year ago, which also owns sites like Tumblr and HuffPost.


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