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Verizon names chief technology officer as new CEO

Verizon names chief technology officer as new CEO

Stratton, 57, is exiting Verizon after more than 25 years at the telco and predecessor company Bell Atlantic Mobile.

John Stratton, Verizon's president of global operations, was expected to succeed current Lowell McAdam, according to analysts.

Current CEO Lowell McAdam will serve as executive chairman through year-end, and non-executive chairman thereafter.

During his tenure as CEO, McAdam strategically positioned Verizon for next-generation growth.

The appointment of Hans Vestberg indicates that the key strategy of Verizon, the number one telecom operator in the US, will be in the building up of 5G, the next-generation of wireless network and not expanding into media content, Reuters reported. 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, 52, joined the wireless provider a year ago and has been working on Verizon's networks, including the 4G LTE network.

Trump heading to G7 summit after report says he wanted to bail
For its part, Russian Federation allows China to show the U.S. that it has "other options" in worldwide negotiations, she said. Trump himself said Friday, "I think we'll have a joint statement", when asked if the leaders could come to an agreement.

The unexpected appointment of Hans Vestberg indicates that Verizon may not acquire a media / content company to rival AT&T.

Verizon Communications Inc named Chief Technology Officer Hans Vestberg as its new CEO on Friday, surprising analysts and signalling the largest USA wireless company's priority is building the next-generation 5G network, not expanding further into media content. He'll remain executive chairman until he retires at the end of the year.

Under McAdam, Verizon bought AOL and Yahoo.

One of McAdam's signature deals was Verizon's $130 billion buyout of Vodafone's 45% stake in the US wireless company, a deal which gave the company full access to the profits from its mobile operations and the resources to invest in its mobile network and fend off challengers.

Verizon tapped a technology expert as it races against other wireless carriers to develop a 5G network that would deliver faster speeds.

The lines between telecom and media are rapidly blurring though. Meanwhile, after looking at potential acquisitions like Charter Communications Inc., McAdam told investors at a conference in September that Verizon had "moved on" from pursuing any deals.


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