Verizon Communications (VZ) said Chief Executive Lowell McAdam will step down effective Aug. 1 and will be replaced by Hans Vestberg, a former Ericsson (ERIC) executive who joined the company in 2017 as president of global networks and chief technology officer.
XVestberg, who served for six years as chief executive of Swedish wireless gear maker Ericsson, has been leading Verizon's push into next-generation, 5G wireless technology.
McAdam, 64, will serve as executive chairman of the board through his retirement from the company at the end of the year.
Verizon Wireless
The naming of a chief with roots in Europe's wireless industry has parallels with an earlier hire.
Verizon in 2016 hired Ronan Dunne, a veteran of the British mobile phone wars, to run its wireless business. Ronan Dunne was formerly head of Telefonica's (TEF) British unit, branded as O2.
Verizon rose 0.4% to 49.18 on the stock market today.
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The post Verizon CEO McAdam Steps Down, Former Ericsson Chief To Take Over appeared first on Investor's Business Daily.
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