Hans Vestberg
Born (1965-06-23) 23 June 1965
Hudiksvall, Sweden
EducationUppsala University (BBA)
Occupation(s)CEO of Ericsson (2010–2016)
CTO of Verizon Communications (2017–2018)[1]
CEO of Verizon (2018–present)[2]

Hans Vestberg (born 23 June 1965) is a Swedish businessman and CEO of Verizon Communications, where he has worked as executive vice president of the company's network and technology team, and as chief technology officer. Vestberg was previously the CEO of telecommunications company Ericsson, president of the Swedish Olympic Committee, and chairman of the Swedish Handball Federation.

Early life and education

Hans Vestberg was born in Hudiksvall, Sweden, in 1965.[3][4] He received a Bachelor of Business Administration from Uppsala University in Sweden in 1991.[5][6][7]

Career

Vestberg began his career in Hudiksvall at Ericsson Cables in 1991.[8] He worked at Ericsson for 25 years,[9] with management roles for the company in Sweden, China, Brazil, Mexico and the United States.[5] He was CFO for Ericsson in Brazil from 1998 to 2000.[10] From 2000 to 2002, Vestberg was CFO for Ericsson in North America and comptroller for the Americas.[10] He served as president for Ericsson in Mexico from 2002 to 2003.[10] Afterward, he served as a senior vice president and executive vice president for Ericsson before he was named chief financial officer in 2007, a post he held through 2009.[5][10] Vestberg became the first CEO of Ericsson without an engineering background when he replaced Carl-Henric Svanberg in January 2010.[5][11] Slowing industry demand and new competition impacted Vestberg's tenure as CEO, despite his cost cutting efforts and acquisitions. He was ousted July 2015, following Ericsson's poor financial performance.[12][13]

Vestberg joined Verizon as the company's chief technology officer and executive vice president of its network and technology team on April 3, 2017.[3][14] There, he oversaw Verizon's fiber network and the development of Verizon's nascent 5G network.[9][15] On June 8, 2018, Verizon announced that Vestberg would succeed Lowell McAdam as the company's chief executive officer on August 1, 2018.[16] In 2021, Verizon and Vestberg were criticized for Vestberg's $39.4 million golden parachute executive compensation plan, with a group of retired shareholders called the Association of BellTel Retirees alleging that the scale constituted boardroom misconduct.[17]

Board participation

Vestberg chairs the World Economic Forum's Edison Alliance, a global telecom ecosystem that in 2021 focused on digital inclusion.[18] In May 2021, Vestberg was elected to the board of directors of BlackRock, where he serves on the governance committee.[19] Vestberg serves as a board member on the United Nations Foundation,[20] and the Whitaker Peace & Development Initiative,[21] as well as a commissioner on the Broadband Commission for Sustainable Development.[22]

Sports

Vestberg was the chairman of the Swedish Handball Federation from 2007 to 2016.[5][23][24] He left the Swedish Handball Federation to serve as president of the Swedish Olympic Committee from 2016 to 2018 as the country vied to host the 2026 Winter Olympics in Stockholm and Åre.[3][23][25] Vestberg had previously played semipro handball in Brazil.[3]

Personal life

Vestberg is married and has two children.[3] He is fluent in Swedish, English, Spanish, and Portuguese.[3]

References

  1. ↑ Spangler, Todd (March 31, 2017). "Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch".
  2. ↑ Robins, Anjali; Sheetz, Michael (2018-06-08). "Verizon picks Hans Vestberg as its next CEO, showing how the company is prioritizing 5G". CNBC. Retrieved 2018-06-08.
  3. 1 2 3 4 5 6 Krouse, Sarah (8 June 2018). "Verizon CEO to Retire, Succeeded by a Newcomer". The Wall Street Journal. Retrieved 29 June 2018.
  4. ↑ Trichur, Rita (2 February 2012). "Ericsson and the mobile broadband revolution". The Globe and Mail. Retrieved 29 June 2018. Personal: Born June 23, 1965 in Hudiksvall, Sweden. He is married with two children and currently resides in Stockholm.
  5. 1 2 3 4 5 Charlton, Alistair (17 January 2014). "Microsoft CEO Race - Profile of Hans Vestberg". International Business Times. Retrieved 29 June 2018.
  6. ↑ Erika Svantesson, Hasse Eriksson. "Hans Vestberg ny vd för Ericsson". DN.SE. Retrieved 2014-04-17.
  7. ↑ "Mr. Hans Vestberg Verizon". Broadband Commission. Retrieved 2023-09-09.
  8. ↑ "Fakta: Hans Vestberg". st.nu. 2009-06-26. Retrieved 2014-04-17.
  9. 1 2 Rao, Prashant S.; de la Merced, Michael J. (8 June 2018). "At Verizon, a Changing of the Guard as It Pursues 5G". The New York Times. Retrieved 29 June 2018.
  10. 1 2 3 4 "Change of guard at Ericsson". FierceWireless. 24 June 2009. Retrieved 29 June 2018.
  11. ↑ "Ericsson ousts CEO Vestberg, shares soar". Reuters. 25 July 2016. Retrieved 9 June 2018. Ericsson's board were unanimous in its decision, which comes after months of criticism against Vestberg's leadership and pay.
  12. ↑ Nordenstam, Sven (July 25, 2016). "Ericsson ousts CEO as investors lose patience over returns". Reuters.com. Retrieved February 11, 2022.
  13. ↑ Kinney, Sean (July 25, 2016). "Ericsson CEO Hans Vestberg steps down effective immediately". RCRWireless.com. Retrieved February 11, 2022.
  14. ↑ Spangler, Todd (2017-03-31). "Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch". Variety. Retrieved 2017-11-01.
  15. ↑ Mukherjee, Supantha; Dang, Sheila (8 June 2018). "Verizon names tech chief CEO; prioritizes 5G network over content". Reuters. Retrieved 2 July 2018.
  16. ↑ Baumgartner, Jeff. "Hans Vestberg to Succeed Lowell McAdam as Verizon CEO". Multichannel. Retrieved 2019-10-23.
  17. ↑ Elstein, Aaron (6 April 2021). "Revenge of the retirees: Former Verizon workers look to clip executive pay packages". Crain's New York Business. Retrieved 17 February 2022.
  18. ↑ Hardesty, Linda (February 1, 2021). "Hans Vestberg chairs Edison Alliance to close the global digital divide". Fierce Wireless. Retrieved February 11, 2022.
  19. ↑ Massa, Annie (May 26, 2021). "BlackRock Shareholders Elect Verizon CEO Vestberg to Board". Bloomberg. Retrieved February 11, 2022.
  20. ↑ "HANS VESTBERG (SWEDEN)". Retrieved February 11, 2022.
  21. ↑ "Whitatker". WPDI. Retrieved February 11, 2022.
  22. ↑ "Commissioners". Broadband Commission. Retrieved February 11, 2022.
  23. 1 2 "Hans Vestberg elected chairman of Swedish Olympic Committee". European Handball Federation. 21 April 2016. Retrieved 29 June 2018.
  24. ↑ Cornelia Ilie; Stephanie Schnurr, eds. (2017). Challenging Leadership Stereotypes Through Discourse: Power, Management and Gender. Springer. p. 86. ISBN 9789811043192. Retrieved 29 June 2018.
  25. ↑ "Stockholm: Staging 2026 Winter Olympics is 'desirable'". The Associated Press. 27 January 2017. Retrieved 29 June 2018.
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