Hans Vestberg

Hans Vestberg
Born	23 6, 1965
Birthplace	Hudiksvall, Sweden
Nationality	Swedish
Occupation	Business executive
Title	Former Chairman and CEO, Verizon Communications
Known for	CEO of Verizon Communications (2018–2025), CEO of Ericsson (2010–2016)
Education	Uppsala University (BBA)
Awards	Commissioner, UN Broadband Commission

Hans 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 Swedish telecommunications firm Ericsson, rising through the ranks to serve as its 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, and Chile before ascending to the top of two of the world's most prominent telecommunications companies. Beyond the corporate sphere, Vestberg has been involved in international sports governance, serving as president of the Swedish Olympic Committee and chairman of the Swedish Handball Federation. His career at Verizon was defined by a strategic emphasis on network infrastructure and the deployment of 5G technology, a direction that represented a shift from the media and content strategy pursued by his predecessor. 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 town in the historical province of Hälsingland in central Sweden. Hudiksvall, a municipality with a population of approximately 37,000, is located in Gävleborg County along the Gulf of Bothnia.

Vestberg developed an interest in sports from an early age, particularly team handball, which is one of Sweden's most popular sports. His involvement in handball would become a significant part of his life, eventually leading him to leadership roles in Swedish sports governance. Vestberg played handball competitively and maintained a connection to the sport throughout his business career.

His early life in a small Swedish town, combined with his later international career spanning multiple continents, shaped a professional profile that blended Scandinavian management traditions with global business experience. Vestberg would go on to live and work in several countries, including extended periods in China, Brazil, and Chile, before returning to lead Ericsson from its headquarters in Stockholm and later relocating to the United States for his tenure at Verizon.

Education

Vestberg attended Uppsala University, one of Sweden's oldest and most prestigious institutions of higher education, where he earned a Bachelor of Business Administration (BBA) degree. Uppsala University, founded in 1477, is consistently ranked among the top universities in Scandinavia. Vestberg's business education at Uppsala provided the foundation for what would become a career spanning the global telecommunications industry. Following the completion of his degree, Vestberg entered the corporate world, joining Ericsson in the early 1990s and beginning the ascent through the company that would define the first major phase of his career.

Career

Ericsson (1991–2016)

Vestberg joined Ericsson, the Swedish multinational networking and telecommunications company, in 1991. Over the following two decades, he held a series of increasingly senior positions within the organization, gaining international experience through postings in several countries. His early career at Ericsson included assignments in China and Latin America, where he held management roles in markets including Brazil and Chile.

Vestberg rose through Ericsson's management hierarchy, taking on responsibilities in finance, operations, and business development across different regions. His international experience was considered a significant asset as Ericsson expanded its presence in emerging markets during the rapid growth of mobile telecommunications in the late 1990s and 2000s.

On 1 January 2010, Vestberg was appointed President and Chief Executive Officer of Ericsson, succeeding Carl-Henric Svanberg. At the time of his appointment, Ericsson was the world's largest maker of wireless networking equipment, holding a dominant position in the global market for mobile infrastructure. Vestberg took the helm at a period of significant transition in the telecommunications industry, as the shift from 3G to 4G LTE networks was accelerating and competition from Chinese manufacturers, particularly Huawei and ZTE, was intensifying.

During his tenure as CEO, Vestberg oversaw Ericsson's operations as the company navigated a challenging competitive landscape. The period saw increasing price pressure in the network equipment market, as well as a strategic push to diversify Ericsson's revenue streams beyond traditional hardware into services and software. Vestberg also became known in the industry for his advocacy of the transformative potential of mobile connectivity in developing markets.

However, Ericsson faced growing financial difficulties during Vestberg's later years as CEO. The company experienced declining revenues and shrinking margins in its core networks business, and investors grew increasingly concerned about the pace and direction of the company's strategic transformation. In July 2016, Ericsson's board of directors announced that Vestberg would be replaced as CEO, a decision that was reported as an ousting by multiple news organizations. Following the announcement, Ericsson's share price rose, reflecting investor sentiment that a change in leadership was needed. Vestberg's departure from Ericsson ended a 25-year career at the company.

During the period following his departure from Ericsson, Vestberg was mentioned as a potential candidate for the CEO position at Microsoft during the search that ultimately resulted in the appointment of Satya Nadella. While he was not selected for that role, his candidacy indicated his standing among global technology executives.

Verizon Communications (2017–2025)

Chief Technology Officer

In April 2017, Vestberg joined Verizon Communications as executive vice president and chief technology officer (CTO), overseeing the company's network and technology operations. In this role, Vestberg was responsible for Verizon's global networks and technology strategy, including the development and planning of the company's next-generation 5G wireless network. His appointment signaled Verizon's increased focus on network technology and infrastructure at a time when the U.S. telecommunications industry was preparing for the transition to 5G.

Appointment as CEO

On 8 June 2018, Verizon announced that Vestberg would succeed Lowell McAdam as the company's chief executive officer, effective 1 August 2018. The selection of Vestberg, a network engineer by background rather than a media or content executive, was interpreted by industry analysts as a strategic pivot for Verizon. Under McAdam, Verizon had pursued an ambitious media and content strategy, acquiring AOL in 2015 and Yahoo! in 2017 to form the Oath (later Verizon Media) digital media division. Vestberg's appointment was widely read as a signal that Verizon would refocus its efforts on its core telecommunications network, particularly the rollout of 5G technology.

Vestberg later also assumed the role of Chairman of Verizon's board of directors, giving him dual leadership of the company.

5G Strategy and Network Investment

Under Vestberg's leadership, Verizon made 5G deployment a central element of its corporate strategy. The company was among the first major U.S. carriers to launch commercial 5G services, initially deploying millimeter-wave (mmWave) 5G in select urban areas. This high-frequency spectrum offered significantly faster data speeds than previous generations of wireless technology but had limited range and building penetration, requiring dense networks of small cells.

Verizon subsequently expanded its 5G footprint using C-band spectrum, which the company acquired in the Federal Communications Commission's Auction 107 in early 2021, one of the largest spectrum auctions in U.S. history. The C-band deployments provided broader geographic coverage than mmWave, and Vestberg oversaw the phased rollout of this mid-band 5G service across the United States.

The 5G investment required substantial capital expenditure, and during Vestberg's tenure, Verizon committed tens of billions of dollars to spectrum acquisition and network buildout. This strategy was aimed at maintaining Verizon's position as a premium network provider and differentiating the company from competitors T-Mobile and AT&T.

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 abruptness of the transition drew attention from industry observers and financial analysts. Light Reading noted that the manner of Vestberg's departure was unusual for a planned CEO succession, describing the circumstances as unexpected.

Analysts pointed to several factors that may have contributed to the leadership change. Mobile World Live reported that "the clock struck midnight" for Vestberg and that "the proverbial writing was on the wall for some time," citing ongoing concerns about Verizon's financial performance and competitive positioning during his tenure. Fast Company reported that Schulman was "coming out of retirement" to take the role as Vestberg stepped down. The leadership change also raised questions about the future of other senior Verizon executives, including network chief Sowmyanarayan Sampath.

Post-Verizon Activities

Following his departure from Verizon, Vestberg joined Digipower X Inc. (NASDAQ: DGXX), a technology company, as a senior advisor.

Sports Governance

In addition to his corporate career, Vestberg has been involved in the governance of Swedish sports organizations. He served as chairman of the Swedish Handball Federation from 2007 to 2016, maintaining a connection to the sport he played in his earlier years. He also served as president of the Swedish Olympic Committee, a role that placed him at the helm of Sweden's national Olympic organization. These positions in sports governance were concurrent with his senior corporate roles, reflecting a longstanding commitment to organized athletics.

Other Activities and Board Memberships

Vestberg has held a number of positions on international boards and advisory bodies. He was elected to the board of directors of BlackRock, the world's largest asset management firm, by the company's shareholders in 2021.

Vestberg has served as a commissioner on the Broadband Commission for Sustainable Development, a joint initiative of the International Telecommunication Union (ITU) and UNESCO that promotes the expansion of broadband connectivity globally.

He has also chaired the EDISON Alliance at the World Economic Forum, an initiative focused on closing the global digital divide.

Vestberg has served on the board of the United Nations Foundation, a nonprofit organization that supports UN causes and initiatives. He is also listed among the leadership of the Whitaker Peace & Development Initiative (WPDI).

Personal Life

Vestberg was born and raised in Hudiksvall, Sweden. His international career at Ericsson required him to live in several countries, including periods in China, Brazil, and Chile, before he relocated to the United States upon joining Verizon. Vestberg's involvement in handball and sports governance has been a consistent element of his public profile alongside his business career. Former Verizon employees and advocacy groups have scrutinized executive compensation at the company during Vestberg's tenure as CEO.

Legacy

Hans Vestberg's career spans two of the telecommunications industry's largest and most influential companies. At Ericsson, he led the firm during a period of significant technological and competitive change in the global network equipment market. His appointment and tenure at Verizon marked a strategic reorientation of one of America's largest corporations away from digital media and content toward network infrastructure and 5G deployment, a decision that shaped the company's direction for nearly seven years.

Vestberg's role in championing 5G technology extended beyond Verizon's corporate interests. Through his positions with the Broadband Commission for Sustainable Development and the EDISON Alliance, he became a prominent voice in global discussions about the role of digital connectivity in economic development and social inclusion.

His involvement in Swedish sports governance, including the leadership of the Swedish Olympic Committee and the Swedish Handball Federation, represents an unusual dual career path for a telecommunications CEO, bridging the corporate and athletic worlds.

The circumstances of his departure from Verizon in October 2025, and the immediate appointment of Dan Schulman as his successor, generated substantial industry commentary and analysis regarding his legacy at the company. Analysts assessed that Verizon faced ongoing challenges in subscriber growth and financial performance that contributed to the board's decision to seek new leadership. Following his departure, Vestberg transitioned to an advisory role at Digipower X Inc., continuing his engagement with the technology sector.