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First day as Verizon CEO: Hans Vestberg takes over

The 5G race is on his agenda.

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Hans Vestberg now leads Verizon.

Getty Images

Verizon's new boss has officially taken the reins.

Hans Vestberg become CEO on Wednesday, as Verizon seek to be the first carrier to roll out 5G service.

Vestberg was Verizon's chief technology officer before the promotion. The company announced in June that Lowell McAdam would step down as CEO and that Vestberg would succeed him on Aug. 1.  

Born in Hudiksvall, Sweden, Vestberg served as CEO of Swedish telecommunications giant Ericsson for six years before joining Verizon last year.

Verizon is racing against AT&T and T-Mobile to deploy next-generation 5G wireless coverage and stake new claims of network superiority. Vestberg has been involved in Verizon's strategic decisions regarding 5G, according to a company blog post.

"I couldn't be more pleased with the progress that Verizon is making, and our recent appointment of Hans Vestberg as CEO solidifies the leadership of this great company for years to come," said McAdam, now executive chairman of Verizon, during last week's earnings call and referred by a Verizon spokesperson. "As I have said before, I am confident that Hans is the right person to bring Verizon into its next chapter, and he is the energizing force we need to position Verizon to lead the upcoming fourth Industrial Revolution."

First published on August 1, 7:40 a.m. PT.

Updates, 8:18 a.m. PT: Adds Lowell McAdam statement.