Verizon Board Elects CEO Hans Vestberg As Chairman - Quick Facts

(RTTNews) - Verizon Communications Inc. (VZ) announced Friday that its Board of Directors has elected Chief Executive Officer Hans Vestberg as Chairman, effective March 8, 2019. Vestberg has been CEO since August 1, 2018 and served on Verizon's Board since June 2018. He joined Verizon in April 2017.

Vestberg will replace Lowell McAdam, who is retiring as Verizon's chairman on that date and will remain on the Board until the company's annual meeting of shareholders on May 2, 2019.

In addition, the Board elected Clarence Otis, Jr., as lead director, effective March 8, 2019. Otis will succeed Frances Keeth, who is retiring from the Board in May in accordance with the Board's mandatory retirement policy. Otis has served on Verizon's Board since 2006.