Hans Vestberg

Hans Vestberg
Born	23 6, 1965
Birthplace	Hudiksvall, Sweden
Nationality	Swedish
Occupation	Business executive
Title	Senior Advisor, Digipower X
Known for	Chairman and CEO of Verizon Communications (2018–2025), CEO of Ericsson (2010–2016)
Education	Uppsala University (BBA)

Hans Erik Vestberg (born 23 June 1965) is a Swedish business executive who served as Chairman and Chief Executive Officer of Verizon Communications, one of the largest telecommunications companies in the world, from 2018 until his departure in October 2025. Before joining Verizon, Vestberg spent more than two decades at Ericsson, the Swedish multinational networking and telecommunications company, where he rose through the ranks to become President and CEO from 2010 to 2016. A native of Hudiksvall, Sweden, Vestberg built his career across multiple continents, holding leadership positions in markets including China, Brazil, Chile, and the United States. Beyond the corporate sphere, Vestberg has been active in sports administration, serving as president of the Swedish Olympic Committee and chairman of the Swedish Handball Federation. His tenure at Verizon was defined by an ambitious push to deploy 5G wireless technology across the United States and a strategic pivot away from media and content investments toward the company's core networking infrastructure. Following his departure from Verizon, Vestberg joined Digipower X Inc. as a senior advisor.

Early Life

Hans Vestberg was born on 23 June 1965 in Hudiksvall, a coastal city in the Gävleborg County of central Sweden. Hudiksvall, located along the Gulf of Bothnia, is a small municipality, and Vestberg's upbringing in the Swedish countryside would later inform his interest in sports and outdoor pursuits.

Vestberg developed a strong interest in team sports from a young age, particularly handball, which is among the most popular sports in Sweden. He became an accomplished handball player and remained deeply involved in the sport throughout his adult life, eventually rising to leadership positions in Swedish handball administration. His background in team sports would later become a recurring theme in his leadership philosophy, with Vestberg frequently drawing parallels between managing athletic teams and leading large multinational corporations.

Education

Vestberg attended Uppsala University, one of Sweden's oldest and most prestigious institutions of higher learning, where he earned a Bachelor of Business Administration degree. Uppsala University, founded in 1477, is located approximately 70 kilometers north of Stockholm and is consistently ranked among the top universities in Scandinavia. Vestberg's business education at Uppsala provided the foundation for his subsequent career in the telecommunications industry.

Career

Ericsson (1991–2016)

Vestberg joined Ericsson in 1991 and spent 25 years at the company, progressing through a series of increasingly senior roles across the globe. His career at Ericsson took him to numerous international markets, giving him experience in managing telecommunications operations across diverse cultural and regulatory environments. Among his postings, Vestberg held leadership positions in China, Brazil, and Chile, gaining extensive experience in both developed and emerging markets.

Vestberg was appointed President and Chief Executive Officer of Ericsson on 1 January 2010, succeeding Carl-Henric Svanberg. At the time of his appointment, Ericsson was one of the world's leading suppliers of telecommunications equipment and services, with operations in more than 180 countries and a workforce of tens of thousands of employees.

During his tenure as CEO, Vestberg oversaw Ericsson during a period of significant industry transformation. The global telecommunications equipment market was undergoing consolidation, with intensifying competition from Chinese manufacturers such as Huawei and ZTE, as well as from European rivals including Nokia and Alcatel-Lucent. Vestberg sought to position Ericsson for the transition from 4G to next-generation wireless networks and to expand the company's services and software businesses.

However, Ericsson faced mounting financial challenges during the latter portion of Vestberg's leadership. The company experienced declining revenues and profitability as mobile operators reduced their capital expenditure and as competition from lower-cost rivals intensified. Investors grew increasingly concerned about the company's financial trajectory and the pace of its strategic transformation.

In July 2016, Ericsson's board of directors announced that Vestberg would be replaced as CEO, effective immediately. The decision sent Ericsson's shares sharply higher, reflecting investor sentiment that a change in leadership was needed to address the company's financial and operational challenges. Despite the abrupt conclusion to his Ericsson tenure, Vestberg's deep technical knowledge of telecommunications networks and his extensive international experience would prove valuable in his next chapter.

Transition to Verizon

Following his departure from Ericsson, Vestberg was recruited by Verizon Communications in 2017. He joined the company as Executive Vice President and President of the Global Networks and Chief Technology Officer, a role in which he was responsible for overseeing the design, build-out, and operation of Verizon's network infrastructure across the United States and internationally. His appointment signaled Verizon's emphasis on network technology and engineering at a time when the company was preparing for the deployment of 5G wireless technology.

In the CTO role, Vestberg oversaw strategic network planning and the early stages of Verizon's 5G rollout. His background in telecommunications infrastructure from his years at Ericsson made him a natural fit for directing Verizon's massive network investment program.

CEO of Verizon (2018–2025)

On 8 June 2018, Verizon announced that Vestberg would succeed Lowell McAdam as Chief Executive Officer, effective 1 August 2018. The appointment of a technologist to the CEO position was widely interpreted as a signal that Verizon intended to prioritize its core network capabilities and 5G technology over the media and content strategy that had characterized the McAdam era, during which Verizon had acquired AOL and Yahoo! to create the Oath (later Verizon Media) digital media division.

As CEO, Vestberg articulated a strategic framework centered on what he termed "Verizon 2.0," which focused on four key areas: building out the company's 5G network, expanding the company's platform capabilities, optimizing the revenue generated by its core networks, and developing its content and media ecosystem. However, the strategic direction ultimately shifted more decisively toward network investment and away from media, with Verizon eventually divesting its media assets.

Vestberg led Verizon through a period of heavy capital investment in 5G infrastructure, including both millimeter-wave (mmWave) deployments for ultra-fast service in dense urban areas and broader C-band spectrum rollouts for wider geographic coverage. The 5G buildout represented one of the largest infrastructure investment programs in the company's history and positioned Verizon as one of the leading 5G providers in the United States.

Under Vestberg's leadership, Verizon also pursued growth in its enterprise and business-to-business segments, seeking to leverage 5G and edge computing capabilities for corporate customers. The company invested in mobile edge computing (MEC) platforms and worked to establish partnerships with technology companies to develop 5G-enabled enterprise solutions.

Vestberg also served as Chairman of Verizon's Board of Directors during his tenure, consolidating both leadership roles in a dual chairman-CEO structure.

Departure from Verizon

On 6 October 2025, Verizon announced that Vestberg had stepped down as Chairman and CEO, effective immediately. The company's board of directors appointed Dan Schulman, the former CEO of PayPal, as his replacement.

The sudden nature of Vestberg's departure attracted attention from industry analysts and media commentators. Light Reading noted that the abruptness of the transition was unusual for a planned CEO succession at a major corporation, describing the circumstances as unexpected. Analysts cited concerns about Verizon's financial performance and strategic direction during the latter years of Vestberg's tenure. Mobile World Live reported that "the writing was on the wall for some time," suggesting that investor dissatisfaction with the company's performance had been building.

The leadership change also raised questions about the future role of other senior Verizon executives, with Fierce Network reporting on the implications of the CEO swap for the company's broader leadership team.

Post-Verizon Career

Following his departure from Verizon, Vestberg joined Digipower X Inc. (NASDAQ: DGXX), a technology company, as a senior advisor. The appointment was announced in late 2025.

Sports Administration

Outside of his corporate career, Vestberg has been active in Swedish sports governance. He served as chairman of the Swedish Handball Federation from 2007 to 2016, overseeing the administration of one of Sweden's most popular team sports. Vestberg also served as president of the Swedish Olympic Committee, a role reflecting his commitment to the promotion and development of competitive sports in Sweden. His involvement in sports administration has paralleled his business career, and Vestberg has frequently spoken about the leadership lessons drawn from team sports and their applicability to the corporate world.

Board Memberships and International Activities

Vestberg has held a number of board and advisory positions beyond his executive roles at Ericsson and Verizon.

In May 2021, BlackRock shareholders elected Vestberg to the company's board of directors, adding governance experience at one of the world's largest asset management firms to his portfolio.

Vestberg served as a commissioner of the Broadband Commission for Sustainable Development, a joint initiative of the International Telecommunication Union (ITU) and UNESCO that promotes broadband access as a means to advance sustainable development goals.

He also chaired the World Economic Forum's EDISON Alliance, an initiative focused on closing the global digital divide by accelerating digital inclusion efforts worldwide.

Additionally, Vestberg has served on the board of the United Nations Foundation, contributing to the organization's work on international development and humanitarian issues. He has also been part of the leadership of the Whitaker Peace & Development Initiative (WPDI), an organization focused on peacebuilding and community development.

Personal Life

Vestberg is a Swedish national who spent much of his adult life working internationally before relocating to the United States for his positions at Verizon. His international career at Ericsson took him and his family to postings in several countries across Asia and Latin America.

Former Verizon employees have noted the disparity between executive compensation packages and retiree benefits at the company during Vestberg's tenure.

Vestberg's interest in handball and his long involvement in Swedish sports administration reflect a lifelong engagement with athletics that has complemented his business career.

Legacy

Hans Vestberg's career has spanned two of the world's largest telecommunications companies during a period of rapid technological change in the industry. At Ericsson, he led the company during the global transition from 3G to 4G networks, though his tenure ended amid investor dissatisfaction with the company's financial performance. At Verizon, he oversaw one of the most ambitious 5G deployment programs in the United States, directing billions of dollars in network infrastructure investment that fundamentally reshaped the company's technological capabilities.

His appointment as Verizon CEO in 2018 represented a strategic inflection point for the company, marking a shift away from the media and content strategy of the McAdam era and toward a renewed focus on network technology and engineering excellence. Under his direction, Verizon invested heavily in millimeter-wave and C-band 5G spectrum deployments, establishing the company as a competitor in the next generation of wireless connectivity.

Vestberg's international background and experience managing telecommunications operations across multiple continents brought a global perspective to Verizon's leadership that distinguished him from many of his American corporate peers. His involvement in organizations such as the Broadband Commission, the EDISON Alliance, and the United Nations Foundation reflected an engagement with the broader societal implications of telecommunications technology, particularly around issues of digital inclusion and the digital divide.

The abruptness of his October 2025 departure from Verizon, however, raised questions about the ultimate assessment of his strategic legacy at the company, and analysts noted that the financial performance of Verizon during the latter years of his tenure had fallen short of investor expectations.