Verizon appoints Hans Vestberg as next CEO – former boss of Ericsson

Verizon Communications named Hans E. Vestberg to succeed Lowell C. McAdam as CEO, effective August 1, 2018.

Vestberg, 52, is the former CEO of Ericsson and currently serves as Executive Vice President and President of Global Networks and Chief Technology Officer. From 2007 to 2009, Vestberg served as Chief Financial Officer at Ericsson, and he previously served in a number of leadership positions at Ericsson. From 2009 till 2016, Vestberg led Ericsson during a period of significant industry and company transformation. He joined Ericsson in 1991 and earning a Bachelor of Business Administration degree from the University of Uppsala, Sweden.

McAdam, 64, has served as CEO of Verizon since 2011 and as chairman since 2012. During his tenure, Verizon took over complete ownership of Verizon Wireless in 2014 through a $130 billion purchase of Vodafone’s 45 percent stake in the company. McAdam also led the acquisitions of major media, fiber and telematics assets, including AOL, Yahoo!, XO Communications and the purchase of millions of miles of optical fiber from Corning. He also oversaw the divestments of non-strategic wireline, tower and data center operations. After stepping down from the CEO post, McAdam will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman.