Verizon Communications Inc. (VZ) Regime Change All About Company's 5G Plans

Jeannie Matthews
June 11, 2018

He is now serving as the Executive Vice President, President of Global Networks and Chief Technology Officer for Verizon.

Taking over the reigns will be Hans Vestberg, who joined the company just a year ago as Executive Vice President and President of Global Networks and CTO at Verizon.

McAdam became CEO in August 2011, and chairman in January 2012.

Verizon said John Stratton, 57, will retire from Verizon by the end of 2018. He pioneered the success of Verizon's switch to 4G LTE and has staged the company's plans to build a 5G wireless broadband network. Vestberg has only been with Verizon for a year, after having been at Ericsson for six years as its CEO.

Verizon has typically relied on a strong wireless network to grow its customer base, but that strategy has faltered recently as competitors, such as T-Mobile, have improved their service and reputation with customers, said BTIG analyst Walt Piecyk.

"There are number of different ways Hans Vestberg could reshape Verizon's future", BTIG analyst Walt Piecyk told the Washington Post, given that communications companies are "facing new competition and disruption to their existing business models" - referring to OTT. Well enough for McAdam to want Vestberg to succeed him as CEO.

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Under McAdam's leadership as CEO, Verizon took over complete ownership of Verizon Wireless in 2014 through a $130 billion purchase of Vodafone's 45 percent stake in the company.

Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T. Hans Vestberg served as Ericsson's CEO from 2010 through 2016.

The race of bringing in 5G network has drove the company to take up the decision. Companies are bulking up in an attempt to grab as many consumers as they can. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO.

The lines between telecom and media are rapidly blurring though.

Meanwhile, Current CEO McAdam has expressed confidence in his successor.

In a statement, Vestberg said, "We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology, connectivity and mobility".

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