The big picture: The mobile landscape is rapidly changing. AT&T is still fighting to acquire Time Warner and T-Mobile recently agreed to buy Sprint for $26 billion, not to mention the fact that we're on the cusp of a true mobile revolution with 5G technology. Having the right person at the helm is paramount and it seems Verizon has filled that position for the foreseeable future.

Verizon Communications on Friday announced that Hans Vestberg will succeed Lowell McAdam as CEO of the company, effective August 1, 2018.

McAdam was named CEO in 2011 and chairman in 2012 although he had served as an executive with subsidiary Verizon Wireless for several years prior. He will continue as executive chairman of the board through his retirement from the company at the end of the year, Verizon said, at which time he will become non-executive chairman.

The outgoing CEO said he believes in the power of change to drive long-term growth and innovation and for Verizon, the time for a change in leadership is now. McAdam, 64, noted that he is confident that Vestberg is the right person to navigate Verizon through its next chapter.

Vestberg said he was humbled to be appointed CEO at such an exciting and dynamic time for Verizon and the industry, adding that they are experiencing unprecedented changes in the way users interact in the digital world and racing ahead to remain at the forefront of technology, connectivity and mobility.