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Verizon Appoints Tech Chief CEO, Prioritizes 5G Network Content



( Reuters ) – Verizon was named Chief Technology Officer of Hans Vestberg on Friday, who was a surprise analyst, signaling that the largest next-generation 5G network in the US will be a leader [19659002] Vestberg, 52, joined Verizon a year ago after being sacked in 2016 after years of grim growth and low profits as CEO of communications equipment company Ericsson.

At Verizon, he led a team that built Verizon's Fiber Network Infrastructure, and he will lead Verizon in a strategy distinctly different from AT & T Inc., which has been working with the US Department of Justice against Time Warner Inc., a media company. fights in an $ 85 billion deal.

Lowell McAdam said in an interview that it was the perfect time to give Vestberg the reins with Verizon at a "watershed" that needed all the parts he needed for 5G, like fiber and

some analysts had expected John Stratton, Verizon's president of global operations, to succeed McAdam. Instead, Stratton will retire.

Vestberg said in an interview that Verizon will continue to pursue his current 5G strategy, but he "sees nothing new on the horizon" to track media content.

Under McAdam, Verizon expanded to content buying media sites AOL and Yahoo and last year founded a media department called Oath, which also includes sites like Tumblr and HuffPost.

Vestberg was CEO of Sweden's Ericsson for six years, focusing on growth over earnings. He invested around 28 billion kroner in companies that would help Ericsson in areas other than key mobile network equipment, such as media assets.

Ericsson had too high a cost and fell into a slump as rising competition plummeted [1

69,059,002] Lars Soderfjell, portfolio manager at Finnish bank Alandsbanken, who holds Ericsson shares, said that Vestberg is expanding its service department Company, including the management of networks for mobile operators. He said Vestberg could make a good fit for Verizon as it focuses on building its 5G network.

Nomura analysts described the general understanding of Vestberg's Ericsson tenure as "stock flat, fired," but wrote in a note he consolidated during a period of intense competition in an industry that was then. Nomura expects other executives to leave Verizon after the appointment.

By the end of the year, McAdam will serve as executive chairman and then become non-executive chairman, the company said in a statement.

Verizon has gained about 40 percent of its market value of $ 202.5 billion since McAdam acquired the company on August 1, 2011.

In the early afternoon, Verizon shares rose 0.3 percent to $ 49.18 on a day other tech stocks fell on Apple reports, cutting off iPhone production this year.


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