Verizon taps relative newcomer as chief executive

By Business LeadersFOXBusiness

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Hans Vestberg will take over the reins at Verizon Communications, succeeding longtime CEO Lowell McAdam on Aug 1, the company said Friday.

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McAdam will no longer be chief executive as of Aug. 1, but will remain executive chairman until the end of the year when he will become nonexecutive chairman, according to a press release from the company. McAdam was named CEO on Aug. 1, 2011, and chairman on Jan. 1, 2012.

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Vestberg has been Verizon’s chief technology officer for about a year. He was previously the chief executive of Ericsson AB. Vestberg was ousted from Ericsson in July 2016 after he was unable to turn around the Swedish company’s slumping sales and profits.

Vestberg and Verizon veteran John Stratton were seen as leading contenders to talk the top spot at Verizon. Stratton, president of global operations, plans to retire later this year, according to Verizon.