Verizon CEO McAdam retiring, Vestberg named successor | AP business

Verizon CEO McAdam retiring, Vestberg named successor | AP business

Lowell McAdam, who served as Verizon's CEO for seven years, will remain as its chairman through year's end and become a non-executive chairman after that time, the NY company said in a regulatory filing on Friday. Vestberg has only been with Verizon for a year, after having been at Ericsson for six years as its CEO. "We had originally though that Vestberg was hired to give his "under the hood' view of global networks and help Verizon with its move to expand its fiber network out of region", she writes".

As Verizon CTO, Vestberg "has demonstrated his willingness to disrupt our own processes and bring in new practices that make us stronger for our employees, customers and shareholders", McAdam commented.

He's to become CEO at Verizon, effective August 1.

Verizon Communications Inc. named Hans Vestberg chief executive officer, putting an end to months of speculation over who would take over at the wireless giant in the midst of a tumultuous year for the telecommunications industry. McAdam is retiring this year, and once he does retire, he will transition into the non-executive chairman of the company. He will remain as non-executive chairman after that. Hans Vestberg served as Ericsson's CEO from 2010 through 2016.

Since 2011 Verizon Communications made more than $120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, to enhance its mobile networks, while pursuing an M&A strategy focused on wireless, media and broadband services.

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The shuffle of leadership has come up due to the critical change in the wireless industry as Verizon and it's competitors are racing to bring in 5G coverage and prove the network superiority.

Under McAdam, Verizon bought AOL and Yahoo. The company also acquired 45 percent of Vodafone's $130 billion stake in Verizon Wireless, now the biggest technology deal of all time. Verizon set the standard with the nation's largest and most reliable 4G LTE network and the broadest, fastest and most advanced next-generation network in the world.

Verizon has shown how serious it is about 5G.

Vestberg's duties at the company have included expanding out and developing its fiber network.

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