Hans Vestberg Explained

Hans Vestberg
Birth Date:1965 6, df=y
Birth Place:Hudiksvall, Sweden
Occupation:CEO of Ericsson (2010–2016)
CTO of Verizon Communications (2017–2018)[1]
CEO of Verizon (2018–present)[2]
Education:Uppsala University (BBA)

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 was president for Ericsson in Mexico from 2002 to 2003.[10] Afterward, he was 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 is on the governance committee.[19] Vestberg is 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.[23] [24] He left the Swedish Handball Federation to be president of the Swedish Olympic Committee from 2016 to 2018 as the country vied to host the 2026 Winter Olympics in Stockholm and Åre.[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]

Notes and References

  1. Web site: Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch . Todd . Spangler. March 31, 2017.
  2. Web site: Verizon picks Hans Vestberg as its next CEO, showing how the company is prioritizing 5G . Robins . Anjali . Michael . Sheetz . 2018-06-08 . CNBC . 2018-06-08.
  3. News: Verizon CEO to Retire, Succeeded by a Newcomer . Krouse . Sarah . . 8 June 2018 . 29 June 2018.
  4. News: Ericsson and the mobile broadband revolution . Trichur . Rita . . 2 February 2012 . registration . Personal: Born June 23, 1965 in Hudiksvall, Sweden. He is married with two children and currently resides in Stockholm. . 29 June 2018.
  5. News: Microsoft CEO Race - Profile of Hans Vestberg . Charlton . Alistair . . 17 January 2014 . 29 June 2018.
  6. Web site: Erika Svantesson, Hasse Eriksson . Hans Vestberg ny vd för Ericsson . DN.SE . 2014-04-17.
  7. Web site: Mr. Hans Vestberg Verizon . 2023-09-09 . Broadband Commission . en-US.
  8. Web site: Fakta: Hans Vestberg . st.nu . 2009-06-26 . 2014-04-17 . 2012-03-18 . https://web.archive.org/web/20120318095951/http://st.nu/ekonomi/1.1150153-fakta-hans-vestberg . dead .
  9. News: At Verizon, a Changing of the Guard as It Pursues 5G . Rao . Prashant S. . de la Merced . Michael J. . . 8 June 2018 . 29 June 2018.
  10. Web site: Change of guard at Ericsson . 24 June 2009 . FierceWireless . 29 June 2018.
  11. News: Ericsson ousts CEO Vestberg, shares soar . 9 June 2018 . Reuters . 25 July 2016 . Ericsson's board were unanimous in its decision, which comes after months of criticism against Vestberg's leadership and pay..
  12. News: Ericsson ousts CEO as investors lose patience over returns . Nordenstam . Sven . Reuters.com . July 25, 2016 . February 11, 2022.
  13. News: Ericsson CEO Hans Vestberg steps down effective immediately. Kinney . Sean . RCRWireless.com . July 25, 2016 . February 11, 2022.
  14. News: Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch. Spangler. Todd. 2017-03-31. Variety. 2017-11-01. en-US.
  15. News: Verizon names tech chief CEO; prioritizes 5G network over content . Mukherjee . Supantha . Dang . Sheila . . 8 June 2018 . 2 July 2018.
  16. Web site: Hans Vestberg to Succeed Lowell McAdam as Verizon CEO. Baumgartner. Jeff. Multichannel. en-us. 2019-10-23.
  17. News: Elstein. Aaron . Revenge of the retirees: Former Verizon workers look to clip executive pay packages . 17 February 2022 . Crain's New York Business. 6 April 2021.
  18. News: Hans Vestberg chairs Edison Alliance to close the global digital divide. Hardesty. Linda . Fierce Wireless . February 1, 2021 . February 11, 2022.
  19. News: BlackRock Shareholders Elect Verizon CEO Vestberg to Board. Massa . Annie . Bloomberg . May 26, 2021 . February 11, 2022.
  20. Web site: HANS VESTBERG (SWEDEN) . February 11, 2022.
  21. Web site: Whitatker. WPDI . February 11, 2022.
  22. Web site: Commissioners . Broadband Commission . February 11, 2022.
  23. Web site: Hans Vestberg elected chairman of Swedish Olympic Committee . 21 April 2016 . . 18 June 2024.
  24. Book: Challenging Leadership Stereotypes Through Discourse: Power, Management and Gender . Cornelia Ilie . Stephanie Schnurr . 2017 . Springer . 9789811043192 . 86 . 29 June 2018.
  25. News: Stockholm: Staging 2026 Winter Olympics is 'desirable' . . 27 January 2017 . 18 June 2024.

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