Verizon Communications has named Hans E. Vestberg, Executive Vice President and President of Global Networks and Chief Technology Officer to succeed Lowell C. McAdam as CEO, effective August 1, 2018.
McAdam will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman.
Vestberg responsibilities include further developing the architecture for Verizon’s fiber-centric networks, including the country’s leading 4G LTE network, the largest and first 5G deployment in the U.S., the nation’s broadest residential fiber network, and a global internet backbone and undersea cable network carrying much of the world’s internet traffic. In this role, Vestberg has spearheaded Verizon’s efforts to deliver seamless experiences for customers over the company’s network, while demonstrating a willingness to disrupt established processes and practices to make Verizon stronger and more efficient.
McAdam said, “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.”
Vestberg said, “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.”