Economy

Verizon names chief technology officer as new CEO

Verizon names chief technology officer as new CEO

Hans Vestberg served as Ericsson's CEO from 2010 through 2016.

Verizon has gained about 40 percent of its $202.5 billion market value since McAdam took charge of the company on August 1, 2011. Vestberg's contribution so far at Verizon as CTO is quite deep.

Vestberg said, "I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry". He'll remain the CEO until the end of the year when he will be retiring.

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.

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The second largest telecom operator AT&T is now awaiting a court decision on whether it can proceed with its plan to buy media company Time Warner to bring cost effective content to wireless subscribers as part of the strategy to enhance ARPU. A judgment on that case is expected by June 12. He also led the acquisitions of major media, fiber and telematics assets, including AOL Inc., Yahoo! Under McAdam, Verizon took over complete ownership of Verizon Wireless in 2014 through a United States dollars 130 billion purchase of Vodafone's 45 percent stake in the company. And the telecom company has also fiercely pushed its FiOS broadband network and 4G LTE technology. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

Verizon has also been touting its upcoming 5G network, which promises to bring faster data speeds to businesses and consumers.

Verizon new CEO Vestberg did not mention media or content while discussing his goals for the company in a statement on Friday. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland.

Hans Vestberg led more than 115,000 employees as Ericsson transformed from a focus on hardware to software and services. Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO. Vestberg was dismissed from Ericsson two years ago following pressure from unhappy shareholders after series of disappointing financial results.