Verizon appoints new CEO as it prepares for a 5G future

Verizon appoints new CEO as it prepares for a 5G future

Vestberg, 52, is now chief technology officer and head of global networks for Verizon, the leading United States wireless telecom group which also owns the AOL and Yahoo brands and is a major broadband provider. Some analysts feel that Verizon needs new business streams to revive the growth. The Justice Department sued to block AT&T from buying CNN's parent company Time Warner (TWX).

After naming chief technology officer Hans Vestberg next in line as CEO, Verizon announced that top operations exec John Stratton is resigning from his current role and will leave the company by the end of the year.

McAdam's strategic focus on network investment vastly expanded Verizon's capabilities and reach, from the rapid acceleration and deployment of 4G in his first year as CEO to the development of One Fiber/Verizon Intelligent Edge Network, enabling Verizon to be the first company to deliver 5G technology. Hans Vestberg, who has left as the CEO of Ericsson during a crisis period, joined Verizon in April 2017.

One of McAdam's signature deals was Verizon's $130 billion buyout of Vodafone's 45% stake in the US wireless company, a deal which gave the company full access to the profits from its mobile operations and the resources to invest in its mobile network and fend off challengers.

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Current Verizon CEO, Lowell McAdam, said in an interview it was the flawless time to hand the reins to Vestberg, with Verizon at an "inflection point" holding all the pieces it needs for 5G, such as fibre and spectrum. Mr. McAdam will remain executive chairman until the end of the year and then become nonexecutive chairman.

Hans Vestberg earlier served for six years as president and CEO of Ericsson that provides 35 percent of the world's 2G, 3G and 4G mobile network infrastructure.

Verizon tapped a technology expert as it races against other wireless carriers to develop a 5G network that would deliver faster speeds.

"I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry", said Vestberg in a statement. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo!

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