Verizon names chief technology officer as new CEO

Alicia Cross
June 11, 2018

John Stratton will step down from his current role immediately, and will support a transition as an advisor to Lowell McAdam.

Verizon new CEO Vestberg did not mention media or content while discussing his goals for the company in a statement on Friday. Stratton has also served as a member of the National Security Telecommunications Advisory Committee since 2012, and he is a board member of CTIA, which represents the USA wireless industry.

Investors may be wondering if Vestberg, who was ousted from Ericsson in 2016 following a series of disappointing financial results and pressure from unhappy shareholders, may be the right person to lead Verizon. Some analysts feel that Verizon needs new business streams to revive the growth. The Justice Department is now making attempts to block AT&T's plan to acquire Time Warner, CNN's parent company. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO.

Hans Vestberg, 52, has spent only a year at the company.

Vestberg, 52, joined the wireless provider previous year and has been working on Verizon's networks, including the 4G LTE network.

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Nomura analysts described the common understanding of Vestberg's Ericsson tenure as "stock flat, fired" but wrote in a note that he had served during a period of intense competition in an industry that then consolidated.

McAdam, 64, will serve as Executive Chairman of the Board through his retirement from the company at year's end, after which he will become Non-Executive Chairman.

Verizon Communications Inc. named Hans Vestberg chief executive officer, putting an end to months of speculation over who would take over at the wireless giant in the midst of a tumultuous year for the telecommunications industry.

The presence of Lowell C McAdam will assist Hans Vestberg to steer the growth of Verizon and bring new business. Vestberg's contribution so far at Verizon as CTO is quite deep. Since his appointment to EVP and President of Global Operations in 2015, Stratton has led and grown the company's established businesses, including Verizon Wireless, Verizon Enterprise Solutions, Verizon Consumer Markets, Verizon Business Markets, Verizon Partner Solutions and Verizon Connect (telematics).

The lines between telecom and media are rapidly blurring though.

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