Verizon CEO McAdam Steps Down, Former Ericsson Chief To Take Over

11 June, 2018, 03:26 | Author: Eric Barnett
  • Verizon

Mr. Vestberg, who joined the company about a year ago and is its chief technology officer, will succeed longtime CEO Lowell McAdam on August 1. What should we expect from future Verizon CEO Hans Vestberg? Both were contenders to succeed McAdam, but Walden resigned late a year ago after learning she was unlikely to be named CEO. He will replace current chief executive Lowell McAdam, who's held the position since 2011. McAdam is retiring this year, and once he does retire, he will transition into the non-executive chairman of the company.

She writes that most surprising to her is the fact that president of global ops John Stratton wasn't included in the decision, even as many viewed him as the obvious choice to take over from McAdam. After this, he will still hold the Non-Executive Chairman position with VZ. He was also a founding member of the International Telecommunications Union (ITU) Broadband Commission for Digital Development, where he led climate-change and digital-health initiatives.

Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T. Inc., XO Communications and the purchase of millions of miles of optical fiber from Corning Incorporated, as well as divestments of non-strategic wireline, tower and data center operations.

His appointment comes as Verizon and other wireless carriers are racing to develop a 5G network that would deliver faster speeds. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.


Under Stratton's leadership, Verizon has driven significant growth across its core businesses and accelerated its shift toward a digital-first model.

McAdam offered his own answer to that question in a video shared with employees and the public today.

Full bios, photos and other materials can be accessed here. The shares closed in NY at $13.88, up 22 cents. A longtime network infrastructure executive who has talked about the benefits of a "connected society", Vestberg was brought in to to lay out the company's next-generation network architecture, as well to integrate its various wireless and landline networks. News releases are also available through an RSS feed.

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