Hans Vestberg
| Personal details | |
| Born | 1965/1/1 (age 60) 🇸🇪 Hudiksvall, Sweden |
| Nationality | 🇸🇪 Swedish |
| Languages | Swedish, English, Spanish, Portuguese |
| Education | BBA |
| Spouse | Married (name undisclosed) |
| Children | 2 |
| Career details | |
| Occupation | Former Verizon Chairman & CEO (2018-2025) |
| Compensation | $24.2 million (2024) |
| Net worth | ~$35 million (2024) |
Hans Vestberg (born 1965) is a Swedish business executive who served as Chairman and Chief Executive Officer of Verizon Communications, America's largest wireless carrier with $140B+ annual revenue, from August 2018 until October 2025 when replaced by Dan Schulman in surprise "effective immediately" departure. Born in Hudiksvall, Sweden, Vestberg earned BBA from Uppsala University (1991), joined Ericsson Cables same year, spent 25 years at Ericsson across four continents before becoming CEO 2010 (first without engineering background), ousted July 2015 following poor financial performance. Joined Verizon as CTO April 2017, promoted CEO August 2018, Chairman March 2019. His 2024 compensation reached $24.2M ($1.5M base, $18M stock, $797K other). Net worth ~$35M including $19M Verizon stock holdings.
Married with two children (wife's name undisclosed), lives New Jersey. Fluent in Swedish, English, Spanish, Portuguese. Former semi-professional Team Handball player Sweden, founded Jan Vestberg Handball Academy (named after father who coached him), chaired Swedish Handball Federation (2007-2016), served Swedish Olympic Committee president (2016-2018). Tenure marked by 5G millimeter wave strategy failure: Verizon's 5G availability 54.2% versus T-Mobile's 90.8%, signals blocked by barriers with limited range. Massive layoffs: headcount dropped 144,500 (2018) to 100,000 (mid-2025), employees reported $20K+ pay cuts. Association of BellTel Retirees criticized $39.4M golden parachute while frontline workers faced outsourcing. October 2025: Schulman replaced Vestberg suddenly after customer losses mounted, ending troubled 7-year Verizon tenure.
Early Life and Education
Born 1965, Hudiksvall, Sweden. Father Jan Vestberg coached him in Team Handball, later namesake for Jan Vestberg Handball Academy founded by Hans. Attended Uppsala University, earned Bachelor of Business Administration 1991. Former semi-professional Team Handball player Sweden before business career.
Career
Ericsson (1991-2016)
Joined Ericsson Cables 1991 in Hudiksvall. Worked 25 years across management roles four continents. Senior VP, Executive VP positions. 2007-2009: Chief Financial Officer. January 2010: Became CEO, first without engineering background, replacing Carl-Henric Svanberg. July 2015: Ousted following Ericsson's poor financial performance.
Verizon (2017-2025)
April 3, 2017: Joined Verizon as CTO and EVP Network and Technology. June 8, 2018: Announced as CEO successor to Lowell McAdam. August 1, 2018: Became CEO. March 2019: Appointed Chairman Board of Directors. October 6, 2025: Replaced by Dan Schulman "effective immediately" in surprise departure after customer losses, 5G strategy failures, workforce reduction controversies.
Other Leadership Roles
Chairman Swedish Handball Federation (2007-2016). President Swedish Olympic Committee (2016-2018, resigned for Verizon). Founded Jan Vestberg Handball Academy named after father.
Personal Life
Married (wife's name undisclosed). Two children (names undisclosed). Family lives New Jersey. Former semi-professional Team Handball player Sweden. Father Jan Vestberg was handball coach for most of Hans' sports career. Fluent Swedish, English, Spanish, Portuguese. Maintains strict privacy about family details despite high-profile CEO role.
Compensation
$24.2M total 2024 (+0.13% from 2023): $1.5M base salary, $18M stock award, $797K other. Net worth ~$35M (2024), holds $19M Verizon stock. 2021: Criticized for $39.4M golden parachute plan by Association of BellTel Retirees while workers faced outsourcing/layoffs.
Controversies
5G Millimeter Wave Strategy Failure
Described as "one of 5G's original cheerleaders" but "5G has bombed." Millimeter wave strategy criticized: signals have limited range, blocked by barriers. Verizon's 5G availability score 54.2% versus T-Mobile's 90.8%. Issues include "costly millimeter wave debacle, premature edge investments, slow rollout of 5G standalone." Strategy widely viewed as competitive disadvantage versus rivals' superior coverage.
Massive Workforce Reductions
Headcount dropped from 144,500 (end 2018) to 100,000 (June 2025)—31% reduction. Despite small headcount increase, Vestberg stated "job cuts will continue," described as "very efficient in managing resources." Employee forums reported pay cuts over $20,000 with increased responsibilities. Layoffs continued throughout tenure despite multi-million CEO compensation.
Executive Compensation Criticism
2021: Association of BellTel Retirees criticized Vestberg's $39.4M golden parachute executive compensation plan. $24M annual pay while frontline workers dealt with outsourcing and layoffs sparked anger. Compensation-performance disconnect questioned as customer losses mounted.
Customer Exodus & Sudden Departure
October 2025: CEO sounded "alarm on why customers leaving in droves." Customer losses mounted amid 5G disappointment, service quality issues. October 6, 2025: Dan Schulman replaced Vestberg "effective immediately"—surprise factor amplified by abruptness. Seven-year troubled tenure ended suddenly.
Ericsson Ouster
July 2015: Ousted from Ericsson CEO role following poor financial performance, raising questions about operational execution capabilities before Verizon hired him.