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Verizon went with a relative newcomer over a company veteran to replace its CEO — and that may signal a shift in the company's long-term strategy

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• Hans Vestberg, chief technology officer at Verizon, will step into the role of CEO in August, replacing seven year veteran Lowell McAdam.
• Vestberg previously ran telecom company Ericsson AB, before an ouster in 2016.
• Vestberg and Verizon veteran John Stratton were the two top contenders for the CEO role, according to the Wall Street Journal.
• His hire may signal that Verizon will be more focused on building its network than making big deal, say analysts.

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Verizon Communications announced Friday that its chief technology officer, Hans Vestberg, will run the company starting in August. He will replace current chief executive Lowell McAdam, who's held the position since 2011.

"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.
See the rest of the story at Business Insider

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