Verizon CEO Lowell McAdam will be stepping down from his role in the company on August 1st, 2018, after exactly seven years at the helm of the company. He will stay on as Executive Chairman of the Board until the end of the year, and then take a position as non-executive chairman afterwards.

He is being replaced as CEO by current Verizon CTA Hans Vestberg, who has been at Verizon for just a year. Before that, he was the CEO of Ericsson, the Swedish telecommunications company that used to make smartphones in partnership with Sony. Although Vestberg didn’t have the greatest success in turning around Ericsson, his task at Verizon will be to oversee the company’s transition to 5G, and his time as CTO at Verizon and CEO of a networking infrastructure company should be key to that.

McAdam said, “I strongly believe in the power of change to drive long-term growth and innovation. 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. 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. It has been my great privilege to serve alongside some of the brightest minds in the business during my tenure. I look forward to working with Hans and the Board to support our customers and employees, and deliver value for shareholders.”

Vestberg said, “I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry. 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. To know Lowell is to be inspired by his vision for Verizon’s role in shaping the future. I look forward to building on this momentum while continuing to focus on strengthening our customer relationships, and driving growth and profitability throughout the business to deliver long-term value. Best of all, I get to do this alongside the greatest team in the business.”

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