June 8 (UPI) -- Verizon announced Friday its new chief executive will be Hans Vestberg, an expert in 5G wireless technology who will help the company advance its network.
Vestberg has been Verizon's chief technology officer, responsible for the company's 4G network and deployment of 5G in the United States, since 2017. He will replace Lowell McAdam on Aug. 1.
McAdam will remain as chairman of Verizon's board. Vestberg was formerly chief executive of telecom company Ericsson.
5G, or fifth generation, wireless is expected to offer faster speeds, more capacity and lower response times than present networks. Verizon has been losing customers to rival T-Mobile, which recently announced a merger with competitor Sprint.
Vestberg's promotion may indicate that dominance in 5G will be a priority in Verizon's corporate strategy.
"We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology," Vestberg said in a statement.