Hans Vestberg named Verizon's new CEO

09 Juin, 2018, 20:12 | Auteur: Auguste Feret
  • Hans Vestberg named Verizon's new CEO

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.

Vestberg inherits a company that is losing its most valuable monthly subscribers and facing the threat of intensifying competition, as smaller, scrappier rivals Sprint and T-Mobile try once again to merge.

McAdam, 64, who has been CEO since 2011, will serve as executive chairman until the end of next year, when he will retire and become non-executive chairman, a Verizon statement said.

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

Hans Vestberg, according to media reports earlier, was also considered for the CEO position at software giant Microsoft before the US-based technology company finalized Sathya Nadella.

Wells Fargo Analyst Jennifer Fritzsche said the choice of Vestberg speaks volumes about Verizon's future priorities. He previously was CEO at Ericsson before exiting in mid-2016.

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The company said today that "Vestberg has spearheaded Verizon's efforts to deliver seamless experiences for customers over the company's network, while demonstrating a willingness to disrupt established processes and practices to make Verizon stronger and more efficient".

Vestberg was a founding member of the International Telecommunications Union (ITU) Broadband Commission for Digital Development, where he led climate-change and digital-health initiatives.

The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business.

Stratton, 57, has served Verizon and its predecessor, Bell Atlantic Mobile, for more than 25 years, holding various executive-level positions. It also closed the largest technology deal of all time in 2014, buying Vodafone's 45% stake in Verizon Wireless for $130 billion. Verizon's says it has returned more than $54 billion to shareholders in cash dividends since 2011.

Vestberg, 52, joined the wireless provider previous year and has been working on Verizon's networks, including the 4G LTE network.

Verizon said he led the acquisitions of major media, fiber and telematics assets, including AOL, Yahoo, XO Communications and optical fiber from Corning as well as divestment of wireline, tower and data center operations. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.

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