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Verizon Communications Inc. named Hans E. Vestberg as its next chief executive officer, succeeding Lowell C. McAdam.

Pictured: Hans Vestberg

McAdam is stepping down after seven years as Verizon’s CEO; He will continue as executive chairman until the end of this year and will remain on the board as non-executive chairman thereafter.

Vestberg joined Verizon in April 2017 as executive vice president, president of global networks and chief technology officer. Before that, Vestberg spent most of his career at Ericsson. He was named Ericsson’s chief financial officer in 2007 and was later promoted to president & CEO, a role he held from 2010 to 2016.

Vestberg currently serves as vice chairman of Hexagon and as a board member of the United Nations Foundation, the Whitaker Peace & Development Initiative, and Childhood US.

Vestberg will begin his new role on August 1, 2018.

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