Verizon Communications

RANK20

In his third year as CEO, Hans Vestberg continued to do what he promised Verizon’s board he would do when he interviewed for the top job in 2018: focus on 5G wireless. Spending $18 billion in 2020, Verizon doubled the number of cities with its superfast 5G technology to over 60 and added another slower layer of 5G that provided nationwide coverage (even if it was not much faster than 4G). With the speedier version of Verizon's 5G service ranked as the world’s fastest, Apple invited Vestberg on stage to help introduce iPhone 12 models that are compatible with the technology. The carrier also added a partnership with Microsoft’s Azure cloud service to offer connections over its 5G network, following an earlier deal with Amazon. In early May 2021, meanwhile, Verizon took a big step away from being a content provider, selling its media group—which includes the AOL and Yahoo brands—to private equity firm Apollo Global Management.