Verizon picks Hans Vestberg to serve as new CEO

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Stratton plans to retire by the end of the year. John Stratton will step down from his current role immediately, and will support a transition as an advisor to Lowell McAdam.

Verizon Wireless is going through a tough phase at present. In 2016, unable to turn around slumping profits at Ericsson, Vestberg was ousted from the company. Some analysts have speculated that the company will match AT&T's push into media. The Justice Department is now making attempts to block AT&T's plan to acquire Time Warner, CNN's parent company.

Born in Hudiksvall, Sweden, Vestberg started at Ericsson in 1991, rising through the ranks to assume the CEO position in 2009. Hans Vestberg needs to prove himself by identifying new business opportunities for managing the growth at Verizon. As CTO, Vestberg was the architect of the company's 4G LTE rollout and its plans to build a 5G wireless broadband network.

Nomura analysts described the common understanding of Vestberg's Ericsson tenure as "stock flat, fired" but wrote in a note that he had served during a period of intense competition in an industry that then consolidated. McAdam, 64, will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman.

Verizon Communications's Lowell McAdam, the telco giant's CEO since 2011 and chairman since 2012, is retiring, the company said today.

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"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", said McAdam in a statement.

In this role, he led more than 115,000 employees as the company transformed from a focus on hardware to software and services.

Though, media is gradually becoming obsolete in telecom. Nokia could acquire rival Alcatel-Lucent and compete strongly against Huawei and Ericsson.

Verizon Communications has announced the appointment of a new CEO from 1 August. Since that time, Verizon has made more than United States dollars 120 billion in capital investments, in addition to AWS, Straight Path and other spectrum purchases, and pursued an M&A strategy focused on mobile, media and broadband services.

He also led efforts to buy faded internet stars AOL and Yahoo to create a digital media operation within the firm, under the brand known as Oath.

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