Verizon picks Hans Vestberg to serve as new CEO

Vestburg joined Verizon in 2017 and before that served for six years as president and CEO of Ericsson.

Verizon launching 5G in Los AngelesVerizon's Board of Directors has chosen Hans Vestberg, Verizon's president of Global Networks and CTO, to serve as the new CEO starting August 1, the company announced Friday.

Vestberg will replace Lowell C. McAdam, who was named CEO in 2011. McAdam will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman.

Verizon hired Vestburg in March 2017 to lead its new network and technology team as the company was reorganizing its operating structure.

Prior to that, Vestburg served for six years as president and CEO of Ericsson. Vestburg stepped down from that role in July 2016, as the Swedish communications equipment maker struggled to keep sales up during its ramp up to 5G networks.

In a statement, McAdam said Vestburg "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."

Verizon is poised to begin launching its 5G networks, starting in Sacramento, California and Los Angeles.

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