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Verizon CEO McAdam to Retire, Will Be Replaced by Vestberg

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Jun 8, 2018, 7:15 AM by Eric M. Zeman

Verizon Communications today said long-serving Lowell McAdam will vacate his position as CEO on August 1. He will remain with the company as Executive Chairman of the Board through the end of the year, and then transition to a Non-executive Chairman role in 2019. McAdam has led Verizon since August 2011. McAdam will be succeeded as CEO by Hans Vestberg, who currently serves as the company's Executive Vice President, President of Global Networks, and Chief Technology Officer. Vestberg has played a large role in developing the architecture for Verizon's fiber-centric networks, including its LTE 4G service and forthcoming 5G service. Vestberg previously worked for Ericsson. "I strongly believe in the power of change to drive long-term growth and innovation," said McAdam in a statement to employees. "For Verizon, the time for a change in leadership is now, and I am confident that Hans is the right person to bring Verizon through its next chapter." Concerning his new role, Vestberg said, "I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry. 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."

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