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Masters of Scale

Rapid Response: Future-proofing Verizon, with CEO Hans Vestberg

Masters of Scale

WaitWhat

Entrepreneurship, Business, Management, Reid Hoffman, Mindset, Diversity & Inclusion, Jeff Berman, Bob Safian, Startups

4.6 β€’ 4.4K Ratings

πŸ—“οΈ 16 May 2020

⏱️ 34 minutes

🧾️ Download transcript

Summary

Data streaming, videoconferencing – even phone calls are way up at Verizon amid Covid-19, as digital interaction steps in for IRL. But boom times don't mean easy times for CEO Hans Vestberg, who moved over 100,000 employees remote in two weeks. As coronavirus hit and pressure on the Verizon network skyrocketed, Vestberg split his leadership team in two: one to deal with the specifics of the crisis and one to focus on pursuing present-and-future business goals. From new customer initiatives (like free bandwidth and FIOS-in-a-box) to future bets (like the acquisition of video conferencing service BlueJeans), Vestberg has championed that meeting customers' needs today – even if not fully compensated for them – will pay off for the business tomorrow. Interviewed by editor Bob Safian.

Read a transcript of this episode: https://mastersofscale.com/rapidresponse/

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Transcript

Click on a timestamp to play from that location

0:00.0

We decided to keep America connected, meaning we don't disconnect any residential customers.

0:05.1

If you would sit down and think about pure shareholders, you would not do that.

0:10.8

I increased the virtual voluntary for my employees so they can help in these courses on company time.

0:18.9

For us, this is normal. This is what you do for your responsible corporation.

0:23.7

I think we will fast forward very important development like remote education,

0:30.1

telemedicine and things like that that we never thought would be possible.

0:34.7

And that's of course impacts how we're going to work in the future and what type of products we need to have out there.

0:41.0

And I can tell you in two to three to four years from now our shareholders are going to feel that

0:46.0

those decisions that you made for the society are so important today because you can take one bad

0:52.2

decision today in a crisis and that's going to be remembered for years to come if you're ever going to lead.

1:00.3

Now is the time to lead.

1:04.8

That's Hans Vespberg CEO of Verizon. With 120 million customers on its network,

1:10.8

Verizon is among the most central businesses in helping all of us to stay productive,

1:15.5

active and connected during the great lockdown.

1:18.8

This is Bob Safian, host of Master's of Scale Rapid Response.

1:23.3

Hans is Swedish-born, the former chief executive of Erickson and he takes his leadership responsibility

1:30.4

very seriously. You need to rethink everything you've done before Hans says.

1:36.5

To help him find the right answers, he's talking daily to other CEOs, to government leaders,

1:43.0

and in a noontown hall meeting that he's held every day for the past two months to tens of

1:48.4

thousands of his own employees. Hans has gotten the Behemoth Company to pivot quickly,

1:54.4

retraining thousands of jobs and he's opportunistically purchased a video conference business,

1:59.9

Blue Jeans, after seeing booming use of such tools on his network.

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