Verizon names new CEO

Verizon Communications Inc. (VZ) has named Hans E. Vestberg as the successor of Lowell C. McAdam for the role of Chief Executive Officer, with effect from August 1, 2018. Vestberg is currently EVP and President of Global Networks and Chief Technology Officer. McAdam will serve as Executive Chairman of the Board through his retirement at the end of the year, following which he will become Non-Executive Chairman.

Hans Vestberg has previously worked at Ericsson as President and CEO. He was also a founding member of the International Telecommunications Union (ITU) Broadband Commission for Digital Development.

Vestberg said, “I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry. 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.”