Verizon's CEO is retiring and will be succeeded by its current chief technology officer, who is the former CEO of Ericsson.
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Lowell McAdam, who served as Verizon's CEO for seven years, will remain as its chairman through year's end and become a non-executive chairman after that time, the New York company said in a regulatory filing on Friday.
Hans Vestberg served as Ericsson's CEO from 2010 through 2016. He joined Verizon as its CTO and president of global networks in April 2017.
The 52-year-old Vestberg will take over as Verizon CEO on Aug. 1.
Shares of Verizon Communications Inc. fell slightly in premarket trading.