Former Ericsson CEO Hans Vestberg has landed a new gig as executive vice president of Verizon’s new network and technology team. The addition of Vestberg is part of a bigger restructuring at Verizon that the company said it is undertaking to make it more agile and expand its services. The company will now have three areas of focus: Media and Telematics; Network and Technology; and Customer and Product Operations.
John Stratton, formerly executive vice president and president of operations, will now be executive vice president of customer and product operations. Marni Walden, formerly executive vice president and president of product innovation and new businesses, will be executive vice president of media and telematics. Stratton, Walden, and Vestberg will report to CEO Lowell McAdam.
Vestberg, a long-time Ericsson employee, was the company’s CEO for six years. He was ousted last July after the company experienced several quarters of struggling earnings, highlighted by a second quarter 2016 decline of 24 percent in net profits.
Vestberg was well regarded by other telecom executives and was considered a shining star in the industry. He conducted keynote addresses at several high profile industry events such as the Consumer Electronics Show and Mobile World Congress.
Verizon said that Vestberg will be in charge of the company’s network architecture and will oversee its network assets that include a nationwide LTE network, a 5G testbed, a residential fiber network, a global Internet backbone and undersea cable network, and the fiber assets that Verizon acquired through its purchase of XO Communications.
Walden will head up the media and telematics area and integrate the newly acquired assets from AOL and Yahoo that will give the company more than 1.3 billion digital media users. Walden also will be responsible for the telematics business, which includes the recent acquisitions of Fleetmatics and Telogis.
Stratton will continue to focus on the core business, which includes Verizon Wireless, Verizon Enterprise Solutions, Verizon Partner Solutions, Verizon Consumer Markets, and Verizon Business Markets. These businesses generate more than $120 billion in annual revenue. He will also lead operations and sales for the Internet of Things.