The company’s current CEO, Lowell McAdam, will continue in the role until the 1st August 2018

Verizon has named former Ericsson boss Hans Vestberg as its new chief executive, according to reports in the press.

Vestberg is currently serving as Verizon’s chief technology officer and will replace current CEO, Lowell McAdam from the 1st of August.

McAdam, who is 64 years of age, will continue to serve as the executive chairman of the board until the end of the year, when he plans to retire.  

In a statement to the press, McAdam said that he believed the timing was right to transfer power to his successor.

“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. Hans is an energising 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,” he said.

Vestberg takes charge at an exciting time, with Verizon attempting to rollout 5G in 4 major US cities before the end of the year.

“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,” Vestberg said.