Verizon CEO pick signals a focus on technology, not big deals

Verizon CEO pick signals a focus on technology, not big deals

Hans Vestberg will be the next CEO at Verizon.

His time with the company has been short, only taking on his current roles with it in April 2017. Hans Vestberg as the CEO of Ericsson could not revive the Sweden-based telecom network company despite exploring opportunities to grow bigger and lower cost. Vestberg has only been with Verizon for a year, after having been at Ericsson for six years as its CEO.

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". A judgment on the case will be next week, on Tuesday 12 June.

Under McAdam, Verizon completed the $130 billion buyout of Vodafone's wireless business in 2014, and acquired Yahoo and AOL to diversify into digital media.

He has also been working to prepare VZ for the change over to 5G networks. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

Vestberg said in an interview Verizon would keep pursuing its current 5G strategy but he did not "see anything new on the horizon" to pursue media content.

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In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services.

The lines between telecom and media are rapidly blurring though. This also comes amid other shifts in the industry, including T-Mobile's planned merger with Sprint, which resulted in Sprint getting its own new CEO.

In fact, Hans Vestberg joined wireless operator Verizon after a one-year break after being fired in an investor-driven shakeup at Ericsson in 2016, following years of dismal growth and weak earnings. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO.

Verizon shares fell less than 1 percent in early trading Friday.

He added, "As I think about the power of 5G, I am convinced that this is a significant and pivotal time for Verizon and our entire industry - and now is the time to bring Verizon into its next chapter".

"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,"he said".

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