Verizon picks Hans Vestberg to serve as new CEO

Verizon names top technology officer as its new CEO

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Mr. Vestberg, who joined the company about a year ago and is its chief technology officer, will succeed longtime CEO Lowell McAdam on August 1.

"There are number of different ways Hans Vestberg could reshape Verizon's future", Piecyk said, adding that Verizon and other communications companies are "facing new competition and disruption to their existing business models". In fact, not long after Verizon announced Vestberg as CEO, it announced that Stratton, executive vice president and president of Global Operations, informed the company of his decision to retire from the company by the end of this year.

Vestberg will replace Lowell C. McAdam, who was named CEO in 2011.

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Passed over for the job was John Stratton, president of global operations.

Vestberg's rise is a clear indication that Verizon, the biggest US wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G. The Justice Department sued to block AT&T from buying CNN's parent company Time Warner (TWX).

Just two years ago, Vestberg was CEO of Ericsson as the vendor struggled to cut costs in the face of declining demand for its LTE infrastructure. Mr. McAdam will remain executive chairman until the end of the year and then become nonexecutive chairman.

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Present responsibilities of Hans Vestberg, 52, include developing the strong architecture for Verizon's fiber-centric networks, including 4G LTE network, 5G deployment in the USA, residential fiber network, and a global internet backbone and undersea cable network with massive investment. Now Vestberg will lead the entire company. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland.

Verizon has also been touting its upcoming 5G network, which promises to bring faster data speeds to businesses and consumers. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo!

Investors may be wondering if Vestberg, who was ousted from Ericsson in 2016 following a series of disappointing financial results and pressure from unhappy shareholders, may be the right person to lead Verizon.

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