Verizon Wireless’s chief technology officer is slated to lead the company following the pending retirement of its current chief executive officer, the telecommunications giant announced on Friday.
Executive vice president Hans Vestberg will succeed Lowell McAdam as CEO after he retires on Aug. 1. McAdam has served in the top role since 2011 and the 52-year old Vestberg joined the company last year as its top technology chief.
“I strongly believe in the power of change to drive long-term growth and innovation. 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,” McAdam said in a statement.
At Verizon, Vestberg was responsible for the carrier’s infrastructure, specifically its 4G LTE network and 5G deployment. He will assume the top position at a time of massive upheaval in the telecommunications industry. Smaller rivals T-Mobile and Sprint are awaiting federal approval for a $26 billion merger. AT&T is also awaiting on a verdict from a federal judge over its proposed $85 billion purchase of Time Warner after the Justice Department last year sued to block the merger.
McAdam will remain executive board chairman until the end of the year then the 64-year old will become non-executive chairman.
