A great change is occuring at the largest wireless carrier company of the nation. On Friday, Verizon announced that on August 1, Lowell McAdam will be stepping down from his post of Chief Executive Officer. He will be serving as the executive chairman until his retirement by the end of this year. Lowell McAdam will be remaining as the non-executive chairman of the company.
The chief technology officer, Hans Vestberg, will be succeeding McAdam. Vestberg had joined the company in the year 2017 after completing a tenure of six years as the Chief Executive Officer of Swedish telecommunications company, Ericsson.
The shuffle of leadership has come up due to the critical change in the wireless industry as Verizon and it’s competitors are racing to bring in 5G coverage and prove the network superiority.
Verizon has vowed to be the first to 5G, but has only talked about its plans to roll it out as a. This also comes amid other shifts in the industry, including T-Mobile’s , which resulted in .
The announcement has marked a break from the usual practice of naming a veteran executive to take the reins of Verizon. McAdam had served as the CEO of Verizon Wireless before becoming chief operating officer and, finally, CEO.
Hans Vestberg, 52, has spent only a year at the company.
The race of bringing in 5G network has drove the company to take up the decision. A longtime network infrastructure executive who has talked about the benefits of a “connected society,” Vestberg was brought in to to lay out the company’s next-generation network architecture, as well to integrate its various wireless and landline networks.
The plans of Vestberg are critical as the various wireless carriers jockey for leadership position in the US. As per the reports, AT&T has said it will be the first toby this year. and T-Mobile said they would be launching their products in multiple cities by the first half of 2019.
In prior interviews, Vestberg had insisted on the point that Verizon would be first to 5G, but didn’t go into details about whether its mobile 5G network would launch before AT&T or not.
In a statement, Vestberg said, “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.”
Hans Vestberg had served as the CEO at Ericsson for a long time but had stepped down in 2016 after the company had hit a rough patch.
Currently, Verizon has declined to make Vestberg available for an interview.