Do you have Verizon? If you have never heard of it or live under a rock, Verizon is a well-known telecommunications brand used by millions of people worldwide.
But, how much do you know about the history and the CEO of Verizon? Perhaps there is a lesson to be learned there? This article will
discuss the CEO of Verizon and their impact on the world. Let’s get started!
The Founding of Verizon
Before it was known as Verizon, the telecommunications company was initially called Bell Atlantic, formed in 1984. This occurred during the breakup of the Bell System, a group of telecommunications companies under the Bell Telephone Company. Each of these companies, a total of seven, would then become a Regional Bell Operating Company, or RBOC. They would be known as “Baby Bells,” and their first headquarters would be located in the city of Philadelphia.
Later in 1997, Bell Atlantic would establish a presence in New York and other East Coast states by merging with another Baby Bell, NYNEX. Bell Atlantic survived and moved its operations to the old NYNEX headquarters in New York City.
A few years later, Bell Atlantic would acquire General Telephone and Electronics (GTE), a telecommunications company with access to nearly the entire country. From that, they named the business Verizon by combining the Latin word veritas (truth) and horizon.
The CEO of Verizon
Now, you are probably still wondering who the CEO of Verizon is, and it is not the founder of the company. The current CEO is Hans Vestberg of Hudiksvall, Sweden. He graduated with a degree in Business Administration and Economics in the early 90s.
He first started at Ericsson Cables in his hometown and worked there for a quarter of a century. During this time, he would have a
leadership role that extended to other countries such as Brazil, China, Mexico, and the United States. He later served as the CFO for the company’s offices in Brazil and North America. Later, he became the CEO of Ericsson, the first without an engineering degree in 2010. However, he would be removed just five years later due to poor performance by Ericsson.
Vestberg then joined Verizon as both the chief technology officer and executive vice president in 2017. He would oversee the fiber network and the 5G network. In the summer of 2018, he was announced as the new CEO.
Since then, he and a group of former shareholders have been
accused of having a massive executive compensation plan, and it was seen as boardroom misconduct.
Verizon Today
Verizon is the largest wireless carrier in the country and has over 140 million subscribers. The business makes around $137 billion in profit. In 2015, they acquired Yahoo and made it a subsidiary. However, in 2021, they sold Yahoo and AOL to Apollo Global Government and retained a 10% stake. Verizon also acquired BlueJeans, a videoconferencing service.
Verizon also takes part in philanthropy. Every year, they donate over $70 million to causes for education, energy management, and domestic violence prevention. In 2019, they initiated plans to invest more in renewable energy sources, including solar and wind.
Verizon is also not free of controversy. For instance, Verizon has lobbied to make changes to the FCC’s regulations that would benefit it more. They failed and have limited their
streaming services to a different speed. This is because Verizon is the only telecommunications company in the United States that works on a different wavelength.
They have also had poor reviews regarding deceptive advertising, privacy, and security concerns.
What Can We Learn from the CEO?
That’s the rundown of Verizon’s history and its CEO. Some things need to be addressed. First, Vestberg can be described as a visionary dreamer who is steadfast in his goals; however, due to his cost-cutting attempts and acquisitions, he was ultimately pushed out. While we may agree that he isn’t the best businessman, we know that he is a determined and hardworking individual.
He was at Verizon for a year and had helped oversee the fiber and the 5G networks. Within a year, he was the CEO.
Conclusion
There is a certain amount of admiration we can have for CEO Vestberg. But he and Verizon have made mistakes in the past. How you feel about them is up to you. We can build on what others have done before us and gain insight to ensure that we don’t face similar issues.
You’re a hard-working individual! Where do you see yourself now? Where will you be in, say, ten years? Maybe you can see yourself as a CEO of a business one day–perhaps a significant business!
