"Hans is an energizing 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", McAdam said in a statement.
McAdam, who has been with the company for 35 years, seven of them as CEO, said that Vestberg will shepherd the company's 5G aspirations going forward. Stratton plans to retire by the end of the year. He pioneered the success of Verizon's switch to 4G LTE and has staged the company's plans to build a 5G wireless broadband network.
Vestberg, the former CEO of Ericsson AB, joined Verizon a little more than a year ago, bringing vital network experience.
McAdam's strategic focus on network investment vastly expanded Verizon's capabilities and reach, from the rapid acceleration and deployment of 4G in his first year as CEO to the development of One Fiber/Verizon Intelligent Edge Network, enabling Verizon to be the first company to deliver 5G technology.
The outgoing CEO said he believes in the power of change to drive long-term growth and innovation and for Verizon, the time for a change in leadership is now.
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"There are number of different ways Hans Vestberg could reshape Verizon's future", BTIG analyst Walt Piecyk told the Washington Post, given that communications companies are "facing new competition and disruption to their existing business models" - referring to OTT.
McAdam added, "On behalf of the Board, management team and all of us at Verizon, I want to thank John for all that he has done for our business and wish him the best as he starts his next chapter". Let's turn out focus on Hans Vestberg with a few things to know about the new Verizon CEO.
"As Lowell approached the retirement age it seemed less and less likely that he was willing to take on a large acquisition as he was about to exit the company", said Walt Piecyk, an analyst with BTIG LLC.
He has also been working to prepare VZ for the change over to 5G networks. During his tenure, Ericsson could not make huge deals in line with Nokia, the telecom equipment maker from Finland. He was ousted by Ericsson in 2016 after a string of missing quarterly financial targets.