Hans Vestberg, Executive Vice President
and President of Global Networks and Chief Technology Officer,
named CEO, effective August 1, 2018
Verizon Communications Inc. (NYSE:VZ) (Nasdaq:VZ) today announced
that its Board of Directors has named Hans E. Vestberg, Executive
Vice President and President of Global Networks and Chief
Technology Officer, to succeed Lowell C. McAdam as CEO, effective
August 1, 2018. McAdam, 64, 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.
Vestberg, 52, is currently Executive Vice President and
President of Global Networks and Chief Technology Officer. His
responsibilities include further developing the architecture for
Verizon’s fiber-centric networks, including the country’s leading
4G LTE network, the largest and first 5G deployment in the U.S.,
the nation’s broadest residential fiber network, and a global
internet backbone and undersea cable network carrying much of the
world’s internet traffic. In this role, Vestberg has spearheaded
Verizon’s efforts to deliver seamless experiences for customers
over the company’s network, while demonstrating a willingness to
disrupt established processes and practices to make Verizon
stronger and more efficient.
McAdam was named CEO on August 1, 2011, and Chairman on January
1, 2012.
McAdam said, “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. 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. It has been my great privilege to
serve alongside some of the brightest minds in the business during
my tenure. I look forward to working with Hans and the Board to
support our customers and employees, and deliver value for
shareholders.”
Vestberg said, “I am humbled to be appointed CEO of Verizon at
such an exciting and dynamic time for our company and industry. 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. To know Lowell
is to be inspired by his vision for Verizon’s role in shaping the
future. I look forward to building on this momentum while
continuing to focus on strengthening our customer relationships,
and driving growth and profitability throughout the business to
deliver long-term value. Best of all, I get to do this alongside
the greatest team in the business.”
M. Frances Keeth, Lead Independent Director of Verizon’s Board
of Directors, said, “Verizon has a history of robust succession
planning to ensure that the company is best positioned to deliver
on our value proposition to all stakeholders. The leadership
succession announced today is part of a deliberate and thoughtful
process that began to take shape three years ago.”
She added, “The Board has been impressed not only by Hans’
performance and vision leading one of the largest organizations
within Verizon, but also by his depth of experience, track record
of operational success and passion for innovation. Hans is uniquely
qualified to step into this role and to continue to drive growth
and innovation across Verizon’s platforms. The Board’s
comprehensive process underscores our confidence that Hans has the
right characteristics and global perspective to drive
transformational change and lead Verizon into the future digital
world.”
Keeth continued, “On behalf of the entire Board, we thank Lowell
for his nearly two decades of service to Verizon and the valuable
contributions during his tenure as CEO. Lowell has been a visionary
leader, steering Verizon into new growth markets in wireless, the
Internet of Things and digital media. We look forward to continuing
to benefit from his insights and leadership as Executive Chairman,
and know he and Hans will ensure a seamless transition for our
customers, employees, shareholders and partners.”
About Hans Vestberg
Since April 2017, Vestberg has served as Executive
Vice President and President of Global Networks and Chief
Technology Officer, with responsibility for further developing the
architecture for Verizon’s fiber-centric networks. Before joining
Verizon, Vestberg served for six years as President and CEO of
Ericsson, a multinational networking and telecommunications
equipment and services company headquartered in Sweden that
provides 35 percent of the world’s 2G, 3G and 4G mobile network
infrastructures.
In this role, he led more than 115,000 employees as
the company transformed from a focus on hardware to software and
services. From 2007 to 2009, Vestberg served as Chief Financial
Officer at Ericsson, and he previously served in a number of
leadership positions at Ericsson, where he gained broad global
experience and was instrumental in developing Ericsson’s
industry-leading services organization, which grew three-fold
during his tenure.
Vestberg was a founding member of the International
Telecommunications Union (ITU) Broadband Commission for Digital
Development, where he led climate-change and digital-health
initiatives. He is past Chairman of the Swedish Olympic Committee
and a current member of the Leadership Council of the United
Nations’ Sustainable Development Solutions Network. He is also Vice
Chairman of Hexagon and a board member of the UN Foundation, the
Whitaker Peace & Development Initiative, and Childhood US (part
of the Queen of Sweden’s World Childhood Foundation).
About Lowell McAdam
McAdam is one of the architects of today’s global
wireless industry, having built wireless businesses on three
continents since the technology’s development in the 1980s. During
his tenure as CEO, McAdam strategically positioned Verizon for
next-generation growth. 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. Leveraging Verizon’s unique position to drive
growth, the company has returned more than $54 billion to
shareholders in cash dividends since 2011.
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. He
also led the acquisitions of major media, fiber and telematics
assets, including AOL Inc., Yahoo! Inc., XO Communications and the
purchase of millions of miles of optical fiber from Corning
Incorporated, as well as divestments of non-strategic wireline,
tower and data center operations.
McAdam’s strategic focus on network investment
vastly expanded Verizon’s capabilities and reach, from the rapid
acceleration and deployment of 4G in his first year as CEO to the
development of One Fiber/Verizon Intelligent Edge Network, enabling
Verizon to be the first company to deliver 5G technology. Verizon
set the standard with the nation’s largest and most reliable 4G LTE
network and the broadest, fastest and most advanced next-generation
network in the world. Today Verizon is positioned to further
enhance growth opportunities on 5G network and digital media
platforms.
McAdam informed Verizon employees of this
succession plan earlier today in a video message that can be viewed
here.
Full bios, photos and other materials can be
accessed here.
Verizon Communications Inc. (NYSE:VZ) (Nasdaq:VZ), headquartered
in New York City, generated $126 billion in 2017 revenues. The
company operates America’s most reliable wireless network and the
nation’s premier all-fiber network, and delivers integrated
solutions to businesses worldwide. Its Oath subsidiary reaches
about one billion people around the world with a dynamic house of
media and technology brands.
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Media contact: Bob
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