New CEO coming to Verizon. What's strange is the board bypassed the heir-apparent (John Stratton, chief of global ops) to name the Chief Technology Officer as new CEO. All of this incestuous shit has got me wondering if it has something to do with Vestberg's former position at Ericsson. Also looks to be 5G related.
BUSINESS NEWS
JUNE 8, 2018 / 6:19 AM / UPDATED 12 MINUTES AGO
Verizon names former Ericsson chief as new CEO
(Reuters) - Verizon Communications Inc (VZ.N) named Chief Technology Officer and former Ericsson boss Hans Vestberg as its new Chief Executive on Friday, saying he will replace current CEO Lowell McAdam on Aug. 1.
McAdam, 64, plans to retire at the end of the year and will serve as executive chairman of the board until then and then become non-executive chairman, the company said in a statement.
https://www.reuters.com/article/us-verizon-ceo/verizon-names-former-ericsson-chief-as-new-ceo-idUSKCN1J41GC
Verizon CEO to Retire, Succeeded by a Newcomer (Paywalled WSJ piece, notable portions of article relating to 5G and network architecture)
Mr. Vestberg was “a better match for where Verizon was going to go,” Mr. McAdam said in an interview. “With 5G in front of us, we are at a huge inflection point. Whoever is at the head of the business should be able to see that through.”
Mr. Vestberg, who spent more than years at Ericsson, is an expert in network architecture. Mr. McAdam cited Mr. Vestberg’s global experience at the helm of Ericsson and age as factors he and the board considered.
It is also investing in a faster network, though it is unclear how network providers will commercialize 5G. Mr. Vestberg said in an interview that Verizon’s 5G residential service is his top priority.
https://www.wsj.com/articles/verizon-ceo-to-retire-replaced-by-a-newcomer-1528455600