Verizon Communications has announced that its Board of Directors has named Hans E. Vestberg, Executive Vice President and President of Global Networks and Chief Technology Officer, to succeed Lowell C. McAdam as CEO, effective August 1st. McAdam, 64, will serve as Executive Chairman of the Board through his retirement from the company at the end of the year, at which time he will become Non-Executive Chairman.

Vestberg, 52, is currently Executive Vice President and President of Global Networks and Chief Technology Officer. His responsibilities include further developing the architecture for Verizon’s fibre-centric networks, including the country’s leading 4G LTE network, the largest and first 5G deployment in the US, the nation’s broadest residential fibre network, and a global internet backbone and undersea cable network carrying much of the world’s internet traffic. In this role, Vestberg has spearheaded Verizon’s efforts to deliver seamless experiences for customers over the company’s network, while demonstrating a willingness to disrupt established processes and practices to make Verizon stronger and more efficient.

McAdam was named CEO on August 1st 2011, and Chairman on January 1st 2012.

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.”

M. Frances Keeth, Lead Independent Director of Verizon’s Board of Directors, said, “Verizon has a history of robust succession planning to ensure that the company is best positioned to deliver on our value proposition to all stakeholders. The leadership succession announced today is part of a deliberate and thoughtful process that began to take shape three years ago.”

She added, “The Board has been impressed not only by Hans’ performance and vision leading one of the largest organisations within Verizon, but also by his depth of experience, track record of operational success and passion for innovation. Hans is uniquely qualified to step into this role and to continue to drive growth and innovation across Verizon’s platforms. The Board’s comprehensive process underscores our confidence that Hans has the right characteristics and global perspective to drive transformational change and lead Verizon into the future digital world. On behalf of the entire Board, we thank Lowell for his nearly two decades of service to Verizon and the valuable contributions during his tenure as CEO. Lowell has been a visionary leader, steering Verizon into new growth markets in wireless, the Internet of Things and digital media. We look forward to continuing to benefit from his insights and leadership as Executive Chairman, and know he and Hans will ensure a seamless transition for our customers, employees, shareholders and partners.”

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