McAdam and Stratton retire

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McAdam and Stratton retire

Postby Rarin' to go on Fri Jun 08, 2018 8:21 am

The Board of Directors (the Board) of Verizon Communications Inc. (Verizon) announced that as of June 7, 2018:
• The Board accepted the resignation of Lowell C. McAdam as Chief Executive Officer of Verizon, which resignation is effective as of August 1, 2018. Mr. McAdam will remain Chairman of the Board, and he will remain an officer of the company for a transition period through December 31, 2018. On December 31, 2018, Mr. McAdam will retire as an employee of Verizon and remain on the Board thereafter as Non-Executive Chairman.
• The Board appointed Hans E. Vestberg, currently Verizon’s Executive Vice President, President of Global Networks and Chief Technology Officer, as Chief Executive Officer of Verizon, effective as of August 1, 2018.
• The Board elected Mr. Vestberg as a Director of Verizon. Mr. Vestberg will not receive any additional compensation for serving as a Director.
• John G. Stratton, formerly Executive Vice President and President of Global Operations of Verizon, is no longer responsible for the Global Operations organization and has become a strategic advisor reporting to Mr. McAdam. Mr. Stratton announced his plans to retire by the end of the year.
As of June 7, 2018, Verizon’s Global Operations organization and its Network and Technology organization report to Mr. Vestberg. All other functions reporting to Mr. McAdam will continue to report to him until his retirement, at which time they will report to Mr. Vestberg.
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Re: McAdam and Stratton retire

Postby NotBasking on Mon Jun 11, 2018 12:44 pm

This will be fascinating to watch unfold.

One factor used to decide Hans over Stratton was age, according to one article. Seems right that John reaps what he sows.

I don’t care for either leader, but it doesn’t matter now since my number finally came up and I’ll be watching from the outside.
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Re: McAdam and Stratton retire

Postby FedUp on Sun Jul 29, 2018 8:12 am

Ericsson confirmed on Friday, information revealed by SvD late Thursday that the Swedish telecom giant is being probed by US authorities on suspicions of corruption.

The information comes in the midst of weeks of turmoil for Ericsson. It was recently revealed that the CEO of Ericsson, Hans Vestberg and other Ericsson executives had received improper salaries and spent hundreds of thousands of dollars on trips, writes Veckans Affärer. And earlier this week Ericsson announced that large lay-offs are imminent.

Both the Securities Exchange Commission (SEC) and the Department of Justice (DoJ) are involved in the anti-corruption investigation according to the anonymous sources cited by SvD. It was initiated in 2013.

The investigation concerns potential breaches of the Foreign Corruption Practices Act. Reuters points out that the mobile operator Vimpelcom was recently fined $795 million by US authorities under the same act for corruption charges for its operations in Uzbekhistan.

According to SvD, it's mainly Ericsson's opertations in China that have sparked the interest of the SEC. SvD goes on to speculate that one angle of the investigation may be Ericsson's former Chairman of Region North East Asia and Senior Vice President Asia-Pacific, Mats H. Olsson, who was fired June 10. Mats H. Olsson has previously been accused of corruption with regard to Ericsson's Chinese operations.

https://nordic.businessinsider.com/us-a ... ion-2016-6
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Re: McAdam and Stratton retire

Postby FedUp on Sun Jul 29, 2018 8:19 am

Let's not forget that he was fired from Erricsson

https://nordic.businessinsider.com/afte ... er-2016-7/
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Re: McAdam and Stratton retire

Postby telecombeta on Tue Nov 06, 2018 1:30 am

If I remember correctly Sprint outsourced field operations to Ericsson which was a nightmare. Techs started the day with 12 to 14 tickets with more than 10 hours of simple driving time and then were asked "how many more tickets can you work today?" Hours were not a problem since the force had been cut by 3/4. Dispatchers for Ericsson were paid per ticket closed and a ticket carried over to the next day meant no pay for the dispatcher. Result: dozens of calls demanding tickets get closed that were waiting on a tower crew, a spare part or other physical tasks that could NOT complete.

I'm guessing Hans is brought to be the bad guy, cut humans without any regard for reality and then exit with a pot of money. The new CEO will then be so much better than the old one no matter how bad he is. Win for the new boss and lots of cash for Hans.
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