Verizon has announced that they will name Swedish Hans Vestberg as the new CEO when the sitting CEO leaves the position on August 1. Vestberg who currently serves as CTO has been running the company’s network and technology unit since the spring of 2017.
- Verizon’s long-running CEO Lowell McAdam will be stepping down in August, and Hans Vestberg will take over.
- Vestberg is currently CTO of Verizon and has previously served as the CEO of the Swedish telecommunication company Ericsson.
- The company will be focusing on developing technology and not on making deals with other businesses in the industry.
On Friday, Verizon announced that the CEO, Lowell McAdam, is stepping down from his position and that Swedish Hans Vestberg is taking over on August 1.
Vestberg is taking over the largest telecom company in the United States at a very crucial time as the industry is racing to take over the market. At the moment, AT&T is working on an $85 billion dollar acquisition of Time Warner, and T-Mobile and Sprint just merged in order to give them enough leverage to compete on the market.
McAdam will remain as chairman of the board until he retires, and Vestberg will get a non-executive seat at the board in early 2019.
What Are the Future Plans for Verizon?
When Bloomberg asked Vestberg about possible acquisitions, he answered that it was unlikely. “We are constantly evaluating things, but there’s nothing that we are looking at right now,” he told them.
McAdam seems to be on the same track, stating that “If M&A drives your strategy you aren’t an effective leader,” and continued by saying that “everyone wants to talk about who we buy next, but we aren’t going to be tricked into doing something stupid just to play in a game driven by ego.”
So by the looks of it, Verizon will aim to develop the business based on the technology they already offer. One of the first tasks Vestberg will have to handle is how to ensure that the brand new 5G gets up and running smoothly.