Verizon CEO Lowell McAdam stepping back effective August 1
Hans Vestberg, after a six-year stint as CEO of Ericsson, joined Verizon in April 2017 as executive vice president, chief technology officer and president of global networks. Today the carrier announced Vestberg will become CEO effective Aug. 1, taking over for Lowell McAdam who will serve as executive chairman of the board through the end of the year, then transition into a non-executive chairman of the board position. McAdam has been CEO since Aug. 1, 2011.
In his current position, Vestberg oversees Verizon’s fiber, LTE and 5G strategies. “I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry,” he said in a statement. “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…I look forward to building on this momentum while continuing to focus on strengthening our customer relationships, and driving growth and profitability throughout the business to deliver long-term value. Best of all, I get to do this alongside the greatest team in the business.”
McAdam described Vestberg as “an energizing force who will continue to position Verizon to lead the Fourth Industrial Revolution—the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility. It has been my great privilege to serve alongside some of the brightest minds in the business during my tenure. I look forward to working with Hans and the Board to support our customers and employees, and deliver value for shareholders.”
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