Verizon Communications’ Board of Directors elected Hans E. Vestberg as chairman, effective March 8, 2019, replacing Lowell C. McAdam, who is retiring.
In addition, the Board elected Clarence Otis, Jr., as lead director, effective March 8, 2019. Otis will succeed M. Frances Keeth, who is retiring from the Board in May in accordance with the Board’s mandatory retirement policy.
Vestberg has been CEO since Aug. 1, 2018, with responsibility for all business operations at Verizon, including the strategic direction of the company. He has served on Verizon’s Board since June 2018.
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.
