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Verizon Communications Inc. (NYSE: VZ) (Nasdaq: VZ) immediately introduced 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, efficient August 1, 2018. McAdam, 64, will serve as Executive Chairman of the Board by means of his retirement from the corporate on the finish of the 12 months, at which period he’ll turn out to be Non-Executive Chairman.
Vestberg, 52, is presently Executive Vice President and President of Global Networks and Chief Technology Officer. His duties embody additional creating the structure for Verizon’s fiber-centric networks, together with the nation’s main 4G LTE community, the most important and first 5G deployment in the U.S., the nation’s broadest residential fiber community, and a world web spine and undersea cable community carrying a lot of the world’s web site visitors. In this function, Vestberg has spearheaded Verizon’s efforts to ship seamless experiences for purchasers over the corporate’s community, whereas demonstrating a willingness to disrupt established processes and practices to make Verizon stronger and extra environment friendly.
McAdam was named CEO on August 1, 2011, and Chairman on January 1, 2012.
McAdam mentioned, “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 mentioned, “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, mentioned, “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 accountability for additional creating the structure for Verizon’s fiber-centric networks. Before becoming a member of Verizon, Vestberg served for six years as President and CEO of Ericsson, a multinational networking and telecommunications tools and companies firm headquartered in Sweden that gives 35 p.c of the world’s 2G, 3G and 4G cell community infrastructures.
In this function, he led greater than 115,000 workers as the corporate reworked from a concentrate on to software program and companies. From 2007 to 2009, Vestberg served as Chief Financial Officer at Ericsson, and he beforehand served in a variety of management positions at Ericsson, the place he gained broad world expertise and was instrumental in creating Ericsson’s industry-leading companies group, which grew three-fold throughout his tenure.
Vestberg was a founding member of the International Telecommunications Union (ITU) Broadband Commission for Digital Development, the place he led climate-change and digital-health initiatives. He is previous Chairman of the Swedish Olympic Committee and a present member of the Leadership Council of the United Nations’ Sustainable Development Solutions Network. He can be Vice Chairman of Hexagon and a board member of the UN Foundation, the Whitaker Peace & Development Initiative, and Childhood US (a part of the Queen of Sweden’s World Childhood Foundation).
About Lowell McAdam
McAdam is without doubt one of the architects of immediately’s world wi-fi , having constructed wi-fi companies on three continents because the expertise’s improvement in the 1980s. During his tenure as CEO, McAdam strategically positioned Verizon for next-generation development. Since 2011 Verizon has made greater than $120 billion in capital investments, in addition to AWS, Straight Path and different spectrum purchases, to improve its networks, whereas pursuing an M&A method targeted on wi-fi, media and broadband companies. Leveraging Verizon’s distinctive place to drive development, the corporate has returned greater than $54 billion to shareholders in money dividends since 2011.
Under McAdam’s management as CEO, Verizon took over full possession of Verizon Wireless in 2014 by means of a $130 billion buy of Vodafone’s 45 p.c stake in the corporate. He additionally led the acquisitions of main media, fiber and telematics belongings, together with AOL Inc., Yahoo! Inc., XO Communications and the acquisition of thousands and thousands of miles of optical fiber from Corning Incorporated, as effectively as divestments of non-strategic wireline, tower and knowledge heart operations.
McAdam’s strategic concentrate on community funding vastly expanded Verizon’s capabilities and attain, from the speedy acceleration and deployment of 4G in his first 12 months as CEO to the event of One Fiber/Verizon Intelligent Edge Network, enabling Verizon to be the primary firm to ship 5G expertise. Verizon set the usual with the nation’s largest and most dependable 4G LTE community and the broadest, quickest and most superior next-generation community in the world. Today Verizon is positioned to additional improve development alternatives on 5G community and digital media platforms.
McAdam knowledgeable Verizon workers of this succession plan earlier immediately in a video message that may be seen right here.