August 1, 2018 is the start date for Verizon’s new CE Hans Vestaburg who currently serves as the CTO and VP of Global Networks at the company. Vestberg will be replacing Lowell McAdam, who served as the CEO of Verizon Communications (the parent company of Verizon Wireless and Verizon Fios) since August 1, 2011. McAdam will continue to be the Executive Chairman of the company’s board until the end of the year.
McAdam embarked on his journey as CEO right after the company launched its 4G LTE network. He managed some major acquisitions during his tenure, like AOL and Yahoo. Later, the companies were merged into Oath.
“For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter,” McAdam said. “Hans is an energizing force who will continue to position Verizon to lead the fourth industrial revolution—the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility.”
Vestberg joined Verizon in 2017 to manage 5G development and fiber networks architecture, and he oversaw the work for undersea cable network that would enable international internet traffic. He was formerly with Ericsson, as its CEO from 2010 to 2016, after working as the CFO from 2007 to 2009. Considering that Vestberg is just a year old at the organization, this is a big leap for him. However during an interview with CNBC, McAdam mentioned that the board wanted “a fresh set of eyes” as the company retains its focus on its 5G future. By the end of this year, Verizon has plans to launch 5G service in major cities.
John Stratton, current VP Of Global Operations at Verizon, was another budding candidate for the position of CEO after McAdam. After the news broke this morning, Stratton announced that he will be retiring from Verizon by the end of 2018. However, he will be resigning from his VP role effective immediately.