Verizon announces CEO succession plan NYSE:VZ

Verizon

Verizon Communications Inc named Chief Technology Officer Hans Vestberg as its new CEO on Friday, surprising analysts and signalling the largest US wireless company's priority is building the next-generation 5G network, not expanding further into media content.

Vestberg's rise is a clear indication that Verizon, the biggest US wireless carrier, is prioritizing its network as it tries to take the lead in the race for faster networks known as 5G. He will stay on as executive chairman through the end of the year. Companies are bulking up in an attempt to grab as many consumers as they can.

Verizon tapped a technology expert as it races against other wireless carriers to develop a 5G network that would deliver faster speeds.

McAdam sought instead to diversify Verizon's business by investing in digital content.

McAdam said, "I strongly believe in the power of change to drive long-term growth and innovation. 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". Then in July 2016, Ericsson's board thanked Vestberg for his energy and leadership and said it was time for a new CEO to run Ericsson. Since 2011 Verizon has made more than $120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, to enhance its networks, while pursuing an M&A strategy focused on wireless, media and broadband services. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo!

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Hans Vestberg joined Verizon (NYSE:VZ) as its CTO only one year ago.

McAdam has been CEO of Verizon since August 2011 and chairman since January 2012. But it has also aggressively pushed its 4G LTE technology and FiOS broadband network.

Years of experience at Ericsson will assist Hans Vestberg to select the best technology cost effectively for Verizon, keeping better margins for further growth.

Vestberg has been in charge of Verizon's 5G initiatives, as well as its growing fiber network.

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