Verizon elects Hans Vestberg to chairman of the board, Lowell McAdam retires

Hans Vestberg Lowell McAdam
Verizon CEO Hans Vestberg is succeeding Lowell McAdam as chairman of the company's board of directors. (Verizon)

Hans Vestberg has been named chairman of the board of directors at Verizon a little more than six months after he was promoted to CEO of the company. He replaces Lowell McAdam, who is retiring next month but will remain on the board until the company’s annual shareholders meeting on May 2.

Vestberg, who assumes the chairmanship on March 8, joined Verizon in April 2017 after a 25-year stint at Ericsson. He was ousted from the wireless networking equipment company in July 2016 after profits and revenue fell amid numerous investigations into the company’s operations. He has served on Verizon’s board since June 2018.

Verizon’s board also elected Clarence Otis as lead director effective March 8. He succeeds M. Frances Keeth, who is retiring from the board due to the company’s mandatory retirement policy. Otis, the former chairman and CEO of Darden Restaurants, has been on Verizon’s board since 2006.

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Furthermore, Richard Carrion, who has served on Verizon’s board since its founding in 2000, will step down from the board when his term expires in May. McAdam, who retired as CEO of Verizon in August 2018 after seven years in the role, has been chairman of the board since January 2012.

RELATED: Verizon trumpets ‘remarkable’ 2018, stays mostly mum on 5G mobile plans

The nation’s largest wireless carrier added a net total of 1.2 million retail postpaid customers during the fourth quarter of 2018. In October 2018, the carrier launched 5G-based fixed wireless service in parts of Houston, Indianapolis, Los Angeles and Sacramento, but it has yet to share plans for a mobile 5G deployment.