Verizon's chief technology officer, Hans Vestberg, has been named CEO, the company announced Friday. Vestberg joined the company last year after serving as CEO of network gear maker Ericsson.

What's next: Vestberg will take over on August 1, succeeding Lowell McAdam, who has been in the role since August 1, 2011. McAdam will remain executive chairman until the end of the year and then become non-executive chairman.