Verizon Surprises Wall Street With Newcomer CEO Pick [telecom]

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By AARON PRESSMAN June 11, 2018

Verizon surprised Wall Street with the selection of former Ericsson CEO Hans Vestberg as its next leader, pointing to a future still focused on communications networks. While Verizon rival AT&T is seeking to build a media and entertainment empire, Verizon's strategy looks likely to hew more closely to its roots as a dominant telecom player.

Lowell McAdam, Verizon's current CEO, announced on Friday that Vestberg, who had joined the company only a year ago, would take over the top job on Aug. 1, seven years after McAdam himself got the role. The other main contender for the CEO job, executive vice president and 25-year company veteran John Stratton, is retiring, the company said.