Leading 5G Push: Verizon Promotes Tech Chief as New CEO, Prioritizes 5G Over Media Content

Telecom Behemoth Verizon Communications Inc, on Friday, names Hans Vestberg as its new CEO. The announcement surprised analysts and signalled the company’s priority is building the next-generation 5G network, not expanding further into media content.

Prior to taking over the top post, Hans Vestberg served as chief technology officer of the company for just over a year. Mr Vestberg, the former CEO of communications equipment maker Ericsson, joined the telecommunications company a year ago.

“While Verizon has made some moves in the media space and smaller investments, things like go90 have not gone well,” said BTIG analyst Walter Piecyk. “Perhaps this [appointment] is a reflection of their retrenchment from media and a focus on the network.” Mr Piecyk was quoted on New York Post.

Vestberg while speaking in an interview said: “Verizon would keep pursuing its current 5G strategy but he did not see anything new on the horizon to pursue media content.”

According to a report appeared on Reuters, current Verizon CEO, Lowell McAdam, said: “It was the perfect time to hand the reins to Vestberg, with Verizon at an inflection point holding all the pieces it needs for 5G, such as fibre and spectrum.”