(NYSE:VZ) (Nasdaq:VZ) today announced that its Board of Directors has named Hans E. Vestberg, Executive Vice President and President of Global Networks and Chief Technology Officer, to succeed Lowell C. McAdam as CEO, effective August 1, 2018. He will be serving as the executive chairman until his retirement by the end of this year.
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". A judgment on the case will be next week, on Tuesday 12 June. What should we expect from future Verizon CEO Hans Vestberg?More news: Putnam's office responds to Tampa Bay Times report
Under McAdam, Verizon bought AOL and Yahoo. It also closed the largest technology deal of all time in 2014, buying Vodafone's 45% stake in Verizon Wireless for $130 billion. The change comes at a time when the company is preparing to deploy its 5G network in the United States. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January. The board's selection of the newcomer, who has been responsible for overseeing the deployment of next-generation 5G mobile services, signals the significance the company places on an emerging technology that will deliver faster internet connections and download speeds and play a critical role in a range of emerging technologies, including self-driving vehicles and internet connected devices. Since his appointment to EVP and President of Global Operations in 2015, Stratton has led and grown the company's established businesses, including Verizon Wireless, Verizon Enterprise Solutions, Verizon Consumer Markets, Verizon Business Markets, Verizon Partner Solutions and Verizon Connect (telematics). Verizon rivals Sprint and T-Mobile have also announced plans to merge. Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017. The company's shares closed Friday at $49.18, up 17 cents.
Meanwhile, Current CEO McAdam has expressed confidence in his successor. "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". He previously was CEO at Ericsson before exiting in mid-2016.