Published: Sat, June 09, 2018
Money | By Armando Alvarado

Verizon names tech chief as CEO, putting network over content

Verizon names tech chief as CEO, putting network over content

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

Vestberg, who joined Verizon (VZ) in April 2017 after a seven-year stint as the CEO Ericsson (ERIC), will take over for current Verizon CEO Lowell McAdam on August 1.

At Verizon, the United States' biggest mobile phone network, he has led a team building out its fiber network infrastructure and was overseeing the build-out of 5G network in the United States.

McAdam, 64, will serve as executive chairman of the board through his retirement from the company at the end of the year.

Vestberg's rise is a clear indication that Verizon, the biggest USA wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G.

Vestberg said in an interview Verizon would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content. Lowell has been a visionary leader, steering Verizon into new growth markets in wireless, the Internet of Things and digital media.

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Nix also said that Channel 4 had heavily edited the footage to portray him in a worse light. Facebook data was used by the British firm as part of its work, he said.

Hans Vestberg will be the next CEO at Verizon.

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. During his tenure as CEO, McAdam strategically positioned Verizon for next-generation growth.

Vestberg had previously been CEO and president of Ericsson for six years. AT&T is fighting to win approval for its $85 billion takeover of Time Warner Inc, and Sprint has proposed a $26.5 billion merger of T-Mobile US Inc.

Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T. Nokia could acquire rival Alcatel-Lucent and compete strongly against Huawei and Ericsson.

Verizon has also been touting its upcoming 5G network, which promises to bring faster data speeds to businesses and consumers.

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".

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