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Verizon names Hans Vestberg as new CEO
11 June 2018, 03:31 | Austin Hogan
Verizon CEO Lowell McAdam To Retire, With CTO Hans Vestberg Taking Over
Eight months later, Verizonsaid it had hired Vestberg to lead its newly created networks and technology team. The Justice Department sued to block AT&T from buying CNN's parent company Time Warner.
I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry.
Vestberg, 52, joined Verizon just more than a year ago, coming from a six-year stint Sweden's networking and telco giant Ericsson. A judgment on the case will be next week, on Tuesday 12 June.
Under McAdam's leadership as CEO, Verizon took over complete ownership of Verizon Wireless in 2014 through a $130 billion purchase of Vodafone's 45 percent stake in the company.
Verizon acquired Yahoo and AOL under McAdams administration. "As the industry enters a next phase, driven by 5G, IoT and cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson's industry leadership".
In January, Vestberg in a panel discussion at CES show which held in Las Vegas disclosed Verizon's 5G plan in a presentation.
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The lines between telecom and media are rapidly blurring though.
In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services. Verizon rivals Sprint and T-Mobile have also announcedplans to merge. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO. Verizon took a close look at 21st Century Fox's studio assets before the Disney deal was announced, and has been seen as an interested party in regard to companies such as Lionsgate, Viacom and CBS.
But McAdam expressed confidence about his successor.
The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business. "We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology, connectivity and mobility".
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