Verizon announced Friday that its new CEO will be Hans Vestberg, the telecom giant's chief technology officer. Vestberg, who joined Verizon (VZ) in April 2017 after a seven-year stint as the CEO Ericsson (ERIC), will take over for current Verizon CEO Lowell McAdam on August 1. As CTO, Vestberg was the architect of the company's 4G LTE rollout and its plans to build a 5G wireless broadband network. The decision to name Vestberg as Verizon's new CEO seems to indicate that the company, unlike rival AT&T (T), wants to focus on its wireless technology more than films and television. Vestberg made a presentation about Verizon's 5G plans in a panel discussion at the CES show in Las Vegas in January.

Source: CNN June 08, 2018 14:00 UTC