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Verizon Picks Hans Vestberg to Succeed McAdam as CEO

Verizon Picks Hans Vestberg to Succeed McAdam as CEO

Vestberg simply said that "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".

Verizon named Chief Technology Officer Hans Vestberg as its new CEO on Friday, surprising analysts and signaling the largest United States wireless company's priority is building the next-generation 5G network, not expanding further into media content.

Hans Vestberg, chief technology officer at Verizon, will step into the role of CEO in August, replacing seven year veteran Lowell McAdam. As CTO, Vestberg was the architect of the company's 4G LTE rollout and its plans to build a 5G wireless broadband network.

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.

Verizon has typically relied on a strong wireless network to grow its customer base, but that strategy has faltered recently as competitors, such as T-Mobile, have improved their service and reputation with customers, said BTIG analyst Walt Piecyk.

Vestberg, who served for six years as chief executive of Swedish wireless gear maker Ericsson, has been leading Verizon's push into next-generation, 5G wireless technology.

Investors may be wondering if Vestberg, who was ousted from Ericsson in 2016 following a series of disappointing financial results and pressure from unhappy shareholders, may be the right person to lead Verizon.

Verizon Communications has named Ericsson former CEO Hans Vestberg as the next CEO and the successor to Lowell McAdam.

Verizon acquired Yahoo and AOL under McAdams administration. The change comes at a time when the company is preparing to deploy its 5G network in the United States. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO.

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