Verizon is today announcing that its current CEO, Lowell McAdam, is leaving the position on August 1, 2018, exactly seven years after he took on the role. The change comes at a time when the company is preparing to deploy its 5G network in the United States.
Taking over the reigns will be Hans Vestberg, who joined the company just last year as Executive Vice President and President of Global Networks and CTO at Verizon. Vestberg had previously been CEO and president of Ericsson for six years.
Communications technology is at a major turning point with the impending arrival of 5G, and it seems that the company's board wanted a "fresh set of eyes" to lead the company into the future. Lowell McAdam, who will remain as an executive member of the board of directors until the end of the year, demonstrated his belief that now is the time for a change in leadership and expressed his confidence in Vestberg:
(...)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. Hans is an energizing force who will continue to position Verizon to lead the Fourth Industrial Revolution – the emergence of technologies that blend the physical and the digital to create historic breakthroughs in connectivity and mobility. It has been my great privilege to serve alongside some of the brightest minds in the business during my tenure. I look forward to working with Hans and the Board to support our customers and employees, and deliver value for shareholders.
Verizon's incoming CEO also affirmed the company's vision to lead the way into a mobile and connected future:
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. To know Lowell is to be inspired by his vision for Verizon’s role in shaping the future. I look forward to building on this momentum while continuing to focus on strengthening our customer relationships, and driving growth and profitability throughout the business to deliver long-term value. Best of all, I get to do this alongside the greatest team in the business.
Verizon has previously said that it will roll out 5G to at least five markets in the United States, though it's unclear when and where it will expand to next.
5G development has taken quite some time, but its results are impressive and naturally, every company wants to be ahead in the race. Recently, T-Mobile and Sprint announced a merger plan with sights set on the next generation of mobile communication.