Hans Vestberg
Hans Vestberg | |
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Hans Vestberg (born 23 June 1965) is a Swedish businessman and CEO of
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.
Personal life
Vestberg is married and has two children.[3] He is fluent in Swedish, English, Spanish, and Portuguese.[3]
References
- ^ Spangler, Todd (March 31, 2017). "Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch".
- ^ 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.
- ^ a b c d e f Krouse, Sarah (8 June 2018). "Verizon CEO to Retire, Succeeded by a Newcomer". The Wall Street Journal. Retrieved 29 June 2018.
- ^ 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.
- ^ a b c d e Charlton, Alistair (17 January 2014). "Microsoft CEO Race - Profile of Hans Vestberg". International Business Times. Retrieved 29 June 2018.
- ^ Erika Svantesson, Hasse Eriksson. "Hans Vestberg ny vd för Ericsson". DN.SE. Retrieved 2014-04-17.
- ^ "Mr. Hans Vestberg Verizon". Broadband Commission. Retrieved 2023-09-09.
- ^ "Fakta: Hans Vestberg". st.nu. 2009-06-26. Archived from the original on 2012-03-18. Retrieved 2014-04-17.
- ^ a b 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.
- ^ a b c d "Change of guard at Ericsson". FierceWireless. 24 June 2009. Retrieved 29 June 2018.
- ^ "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.
- ^ Nordenstam, Sven (July 25, 2016). "Ericsson ousts CEO as investors lose patience over returns". Reuters.com. Retrieved February 11, 2022.
- ^ Kinney, Sean (July 25, 2016). "Ericsson CEO Hans Vestberg steps down effective immediately". RCRWireless.com. Retrieved February 11, 2022.
- ^ Spangler, Todd (2017-03-31). "Verizon Hires Ex-Ericsson CEO Hans Vestberg, Eyes U.S. Internet Pay-TV Launch". Variety. Retrieved 2017-11-01.
- ^ Mukherjee, Supantha; Dang, Sheila (8 June 2018). "Verizon names tech chief CEO; prioritizes 5G network over content". Reuters. Retrieved 2 July 2018.
- ^ Baumgartner, Jeff. "Hans Vestberg to Succeed Lowell McAdam as Verizon CEO". Multichannel. Retrieved 2019-10-23.
- ^ 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.
- ^ Hardesty, Linda (February 1, 2021). "Hans Vestberg chairs Edison Alliance to close the global digital divide". Fierce Wireless. Retrieved February 11, 2022.
- ^ Massa, Annie (May 26, 2021). "BlackRock Shareholders Elect Verizon CEO Vestberg to Board". Bloomberg. Retrieved February 11, 2022.
- ^ "HANS VESTBERG (SWEDEN)". Retrieved February 11, 2022.
- ^ "Whitatker". WPDI. Retrieved February 11, 2022.
- ^ "Commissioners". Broadband Commission. Retrieved February 11, 2022.
- ^ a b "Hans Vestberg elected chairman of Swedish Olympic Committee". European Handball Federation. 21 April 2016. Retrieved 29 June 2018.
- ISBN 9789811043192. Retrieved 29 June 2018.
- The Associated Press. 27 January 2017. Retrieved 29 June 2018.