UPDATED 17.55 BST: Ex-Ericsson chief Hans Vestberg is set to take over at Verizon in August with current CEO Lowell McAdam staying on as executive chairman until his retirement at the end of the year.
Vestberg (pictured, left) is currently CTO, and EVP and president of Global Networks at the US operator, having joined the company in May 2017.
The executive quit Ericsson after six years in charge following intense pressure from investors and a poor financial performance. At the time the Swedish vendor was in the process of making savage cost cuts in a bid to change the troubled company’s fortunes.
Separately, the operator announced EVP and president of global operations John Stratton, a Verizon veteran who was widely viewed as a strong contender for McAdam’s replacement, will retire by the end of this year: “Effective immediately, Stratton will step down from his current role and will support a smooth transition as a strategic advisor reporting to Lowell McAdam.”
McAdam (pictured, right), CEO of Verizon since 2011 and chairman since 2012, will continue to serve as non-executive chairman after his retirement.
In a statement, McAdam said Vestberg was an “energising force”.
“I strongly believe in the power of change to drive long-term growth and innovation. For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter.”
Under McAdam, Verizon bought out Vodafone Group’s 45 per cent share of its wireless division in 2014 and made several huge acquisitions to expand the company’s scope, including AOL and Yahoo.
Vestberg said he would focus on “strengthening our customer relationships, and driving growth and profitability throughout the business to deliver long-term value.”