He's an expert in network architecture and spent his first year at Verizon talking to investors about 5G. At Verizon, Vestberg had been the chief technology officer, and has done really well. He joined the company in April 2017 after an unproductive seven years as Ericsson CEO.
Lowell McAdam will retire as Verizon's CEO effective August 1, when Vestberg takes the reins.
Keeth continued, "On behalf of the entire Board, we thank Lowell for his almost two decades of service to Verizon and the valuable contributions during his tenure as CEO".
As Verizon CTO, Vestberg "has demonstrated his willingness to disrupt our own processes and bring in new practices that make us stronger for our employees, customers and shareholders", McAdam commented. He will stay on as executive chairman through the end of the year.
Verizon Communications Inc. named Hans Vestberg as its next chief executive, choosing a relative newcomer to run the wireless giant at a time when its industry is being reshaped by megadeals. A judgment on the case will be next week, on Tuesday 12 June.
Verizon's stock has grown about 35% in McAdam's tenure according to the Wall Street Journal, better that AT&T.
One of McAdam's signature deals was Verizon's $130 billion buyout of Vodafone's 45% stake in the USA 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.
He has also been working to prepare VZ for the change over to 5G networks.
In January, Vestberg in a panel discussion at CES show which held in Las Vegas disclosed Verizon's 5G plan in a presentation.
Verizon new CEO Vestberg did not mention media or content while discussing his goals for the company in a statement on Friday. Companies are now more focused on growing the number of customers with varied strategies. Verizon rivals Sprint and T-Mobile have also announced plans to merge. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company.