Verizon today announced CEO Lowell McAdam is stepping down from his post as August 1, 2018, seven years to the day he took the spot. He will stay on as Executive Chairman of the Board through the end of 2018 and as Non-Executive Chairman thereafter.
Hans Vestberg, Executive Vice President and President of Global Networks and Chief Technology Officer, will take over as the Chief Executive of the telecom giant who also owns Oath and therefore TechCrunch.
McAdam has lead Verizon as its CEO since August 1, 2011 and Chairman on January 1, 2012.
Vestberg is relatively new at Verizon. He joined the company a year ago. He was previously the chief executive of Ericsson AB until he was ousted in July 2016 when he proved ineffective in turning the company around.
He’ll have a different task at Verizon. Verizon is currently riding high as one of the top telecoms in the United States but is eager to find new markets of growth while transitioning to 5g networks.