Wednesday, 26 September, 2018

Verizon names tech chief as CEO, putting 5G network over content

Verizon REX Shutterstock
Laurie Berry | 09 June, 2018, 20:12

Verizon chief technology officer Hans Vestberg will become the company's new CEO in August.

Verizon Communications has named Ericsson former CEO Hans Vestberg as the next CEO and the successor to Lowell McAdam. In fact, not long after Verizon announced Vestberg as CEO, it announced that Stratton, executive vice president and president of Global Operations, informed the company of his decision to retire from the company by the end of this year.

Wells Fargo Analyst Jennifer Fritzsche said the choice of Vestberg speaks volumes about Verizon's future priorities.

Current Verizon CEO, Lowell McAdam, said in an interview it was the ideal time to hand the reins to Vestberg, with Verizon at an "inflection point" holding all the pieces it needs for 5G, such as fibre and spectrum. At the time, he also took a seat on a three-member management team alongside Marni Walden, the then media chief, and John Stratton, in charge of customer and product operations.

Vestberg, 52, is now chief technology officer and head of global networks for Verizon, the leading United States wireless telecom group which also owns the AOL and Yahoo brands and is a major broadband provider.

Vestberg, 52, joined the wireless provider a year ago and has been working on Verizon's networks, including the 4G LTE network.

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Present responsibilities of Hans Vestberg, 52, include developing the strong architecture for Verizon's fiber-centric networks, including 4G LTE network, 5G deployment in the US, residential fiber network, and a global internet backbone and undersea cable network with massive investment.

Since 2011 Verizon Communications made more than $120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, to enhance its mobile networks, while pursuing an M&A strategy focused on wireless, media and broadband services. Now Vestberg will lead the entire company.

Under McAdam, Verizon bought AOL and Yahoo.

The lines between telecom and media are rapidly blurring though.

Hans Vestberg will be the next CEO at Verizon.

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